Capital Gain Exempt from TAX Section 54F

1	Nature	Transfer of long term capital asset other than house property
2	Available to	Individual , HUF
3	Period held before transfer	More than 36 month (12 months in case of shares etc.) Only Long term
4	Amount exemption of	If cost of new house > Net consideration of assets transferred =full amount, if cost of new house< Net consideration of assets transferred, the exemption =CG x Cost of new house net consideration
5	Conditions	Any long term capital assets other than house property are transferred. Assessee owns not more than one other house property on the date of transfer (excluding new house) exempt if invested in one residential house in India within the time limits specified in Sec 54. Assessee can nit purchase for two years or construct for three years any other house property. Otherwise capital Gains exempted will be taxable in year of purchase or construction as LTCG. New House should not be transferred for three years from the date of the acquisition.
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	Amount of capital gains exempted earlier taxable as LTCG in the PY in which new property sold capital gains on new property shall be computed normally.

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