Residential house reinvestment exemption limits capital gains relief for individuals and HUFs under the prescribed time conditions. Capital gain on transfer of a long-term capital asset other than a residential house is exempt where an Individual or HUF invests the net consideration in one residential house in India within the prescribed purchase or construction period. The exemption may be full or proportionate depending on the cost of the new asset, and unutilised consideration must be deposited in the Capital Gains Deposit Scheme or Capital Gains Account Scheme within the stipulated time. The exemption is withdrawn if another residential house is acquired, if the new house is transferred within three years, or if deposited amounts remain unutilised beyond the allowed period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Residential house reinvestment exemption limits capital gains relief for individuals and HUFs under the prescribed time conditions.
Capital gain on transfer of a long-term capital asset other than a residential house is exempt where an Individual or HUF invests the net consideration in one residential house in India within the prescribed purchase or construction period. The exemption may be full or proportionate depending on the cost of the new asset, and unutilised consideration must be deposited in the Capital Gains Deposit Scheme or Capital Gains Account Scheme within the stipulated time. The exemption is withdrawn if another residential house is acquired, if the new house is transferred within three years, or if deposited amounts remain unutilised beyond the allowed period.
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