TMI BlogCapital gain on transfer of certain capital assets not to be charged in case of investment in residential houseX X X X Extracts X X X X X X X X Extracts X X X X ..... t be charged under section 45 ; ( b ) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45: 4 [Provided that nothing contained in this sub-section shall apply where- ( 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 a period of one year after the date of transfer of the original asset; or ( iii ) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and ( b ) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property .] 11 [ Provided further that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit ; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall 12 [ , subject to the second proviso to sub-section (1) ] be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,- ( i ) the amount by which- ( a ) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause ( a ) or, as the case may be, clause ( b ) of sub-section (1), exceeds ( b ) the amount that would not have been so charged had the amount actually utilised by the assessee for the purchase or construction of the new asset within the period specified in sub-section (1) been the cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within a period of three years after that date constructed, a residential house (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- ( a ) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45 ; ( b ) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45: 4 [Provided that nothing contained in this sub-section shall apply where- ( 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 a period of one year after the date of transfer of the original asset; or ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn 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 may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit ; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,- ( i ) the amount by which- ( a ) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset ..... 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