Specified bond exemption for long-term capital gains on land or building is limited by investment timing and lock-in rules.

Exemption is available for long-term capital gains arising from transfer of land, building, or both, where the assessee invests the capital gains in specified bonds within six months from the date of transfer. The exemption is limited to the lower of the capital gain or the amount invested, subject to the prescribed aggregate ceiling, and premature transfer, conversion into money, or borrowing against the bonds within the lock-in period causes the earlier exempted gain to become taxable. The commentary also notes restrictions on double tax benefits and identifies the principal issuers of qualifying bonds.

---

---

---