Capital Gain Exempt from TAX Section 54

1	Nature	Transfer of residential house
2	Available to	Individual , HUF
3	Period held before transfer	More than 36 Month (Thus only Long Term Assets)
4	Amount exemption of	If capital Gain <amount invested= full amount If capital Gain >amount invested=  Difference is taxable
5	Conditions	Any residential house property is transferred Reinvestment in one residential house property in India either.         ·         Purchase one year before transfer or         ·         Purchase two year after transfer or         ·         Constructed three year after transfer         ·         House property cannot be transferred for three years after acquisition or construction
6	If amount not utilised till filling of return U/S 139(1)	Deposit in nationalized bank under the Capital Gain Deposit A/c Scheme
7	If Deposit not utilised	Unutilized amount taxable as LTCG in the PY in which three years the date of transfer of original asset expires.
8	Consequences of transfer before three years	The cost of the new assets shall be reduced by the amount of capital gains exempted earlier. Therefore amount of Capital gain on sale of new property and (Capital gains exempted earlier) chargeable to tax in the year of sale of house property.