TMI BlogProfit on sale of property used for residenceX X X X Extracts X X X X X X X X Extracts X X X X ..... fer took place purchased ] , or has within a period of three years after that date 11 [constructed, one residential house in India], then ] , instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,- ( i ) if the amount of the capital gain 6 [is greater than the cost of 7 [the residential house] so purchased or constructed (hereafter in this section referred to as the new asset)], the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees shall not be taken into account for the purposes of this sub-section. ] 8 [ *** ] 9 [ (2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [ such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139 ] in an account in any such bank or institution as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance Act, 1987, w.e.f. 1-4-1988. 4. to which the provisions of section 53 are not applicable omitted by the Finance Act, 1985, w.e.f. 1-4-1985. 5. Substituted for one year before or after the date on which the transfer took place purchased by the Finance Act, 1986, w.e.f. 1-4-1987. 6. Substituted for is greater than the cost of the new asset by the Finance Act, 1978, w.r.e.f. 1-4-1974. 7. Substituted for the house property by the Finance Act, 1982, w.e.f. 1-4-1983. 8. Omitted by the Finance Act, 1987, w.e.f. 1-4-1988. Original Explanation, as inserted by the Finance Act, 1982, w.e.f. 1-4-1983, stood as under : ' Explanation .-For the purposes of this sub-section, long-term capital asset means a ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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