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of <h1>Section 85: Rollover relief for long-term capital gains on land/buildings into five-year bonds, Rs.50 lakh cap, anti-abuse rules</h1> Section 85 provides roll-over relief for long-term capital gains on land or buildings reinvested within six months in specified five-year bonds, capped at Rs. 50 lakh across the year of transfer and the following year; gains exceeding the investment are charged under section 67, and exempted gains become taxable if the bond is transferred, converted to money, or encumbered within five years, with loans secured by the bond treated as triggering chargeability and section 123 deductions disallowed. The Act narrows scope vs. the Bill by renaming the asset class and expressly listing certain eligible issuers and a post-1 April 2018 issuance date, reducing administrative discretion left in the Bill.
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