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TMI BlogCapital gains on transfer of certain capital assets not to be charged in case of investment in residential house.X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 of the new asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an the due date applicable in the case of the assessee for filing the return of income under sub-section (1) of the said section; and (c) the proof of deposit shall be submitted along with the return on or before the due date for filing the return. (3) For the purposes of sub-section (1), the amount already utilised for purchasing or constructing the new asset together with the deposited amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee shall be entitled to withdraw the unused amount according to the said scheme. (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 new asset, within two years of transfer of the origin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se is purchased or constructed. (7) If the new asset is transferred within three years of its 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 transferred. (8) If the cost of the new asset exceeds ten crore rupees, the am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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