https://www.taxtmi.com/article/detailed?id=302 Section 54 and Section 54F exempt long term capital gains when sale proceeds are reinvested in a residential house, subject to time limits for purchase (one year before or two years after transfer) and construction (within three years). Unutilised proceeds must be deposited in a notified capital gains deposit scheme by the return filing due date, with exemption allowed proportionately; failure to invest deposited amounts within the prescribed period makes the previously exempted gain taxable. A purposive, liberal interpretation is required, and combined adjacent flats functioning as one dwelling may qualify as a single residential unit. en-us Tue, 03 Mar 2009 00:00:00 +0530 Thu, 05 Mar 2009 10:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=302 Section 54 and Section 54F exempt long term capital gains when sale proceeds are reinvested in a residential house, subject to time limits for purchase (one year before or two years after transfer) and construction (within three years). Unutilised proceeds must be deposited in a notified capital gains deposit scheme by the return filing due date, with exemption allowed proportionately; failure to invest deposited amounts within the prescribed period makes the previously exempted gain taxable. A purposive, liberal interpretation is required, and combined adjacent flats functioning as one dwelling may qualify as a single residential unit. Articles Income Tax Tue, 03 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=302