Capital gains exemption for investment in specified fund - invest within prescribed period; three-year transfer and loan clawback applies. Capital gains from transfer of a long-term capital asset are exempt to the extent invested in a long-term specified asset within six months; full exemption applies if investment cost equals or exceeds the gain, otherwise a proportionate exemption applies. Investments are subject to an annual aggregate ceiling across the year of transfer and the subsequent year. If the specified asset is transferred within three years, or a loan/advance is taken on its security, the previously exempt amount is recharacterised as long-term capital gain. 'Cost' for the specified asset equals the amount invested from capital gains, and specified assets are units of notified funds issued before the cutoff date.