Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house.

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.... from the transfer of any long-term capital asset, not being a residential house (original asset); and (b) within one year before, or two years after, the date of such transfer, purchased, or has within three years after that date constructed, one residential house in India (new asset), then, the capital gains shall be dealt with as follows:- (i) if the net consideration is more than the cost....

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....tral Government; (b) such deposit shall be made before the filing of the return and not later than the due date applicable in the case of the assessee for filing the return of income under section 263; and (c) the proof of deposit shall be submitted along with such return. (3) For the purposes of sub-section (1), the amount already utilised for purchasing or constructing the new asset togethe....

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....ew asset; (b) the assessee shall be entitled to withdraw such unutilised amount in accordance with the scheme referred to in sub-section (2). (5) The provisions of sub-section (1) shall not apply, if-- (a) the assessee- (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the ....

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....-term capital gains of the tax year in which such residential house is purchased or constructed. (7) If the new asset is transferred within three years from the date of purchase or its construction, the capital gains not charged under section 67 on the basis of cost of such new asset as per sub-section (1) shall be charged as long-term capital gains of the tax year in which such new asset is tran....