Act RulesIncome Tax
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Roll over relief for capital gains: reinvestment in specified long term bonds defers tax subject to time, holding and cap conditions.
Relief defers tax on long term capital gains from transfer of land or building when reinvested within six months into notified long term bonds, with a statutory investment ceiling and a five year holding requirement; breach by transfer, conversion to money, or borrowing on the bond triggers deeming of previously exempted amounts as taxable long term capital gains and disallows a specified deduction for amounts claimed under the relief.