Section 82 — exemption on sale of a residential house

In plain language

[DRAFT — needs review.] Section 82 (the successor to the old Section 54) lets an individual or HUF exempt long-term capital gains on a residential house if the gain is reinvested in another residential house in India within the prescribed time (purchase within a set window, or construction within a longer one).

• Applies to long-term gains from a residential house (buildings or land appurtenant).
• Reinvest in a new residential house within the prescribed period.
• Unutilised amounts can be parked in the Capital Gains Account Scheme pending reinvestment.

Reviewer: confirm the exact time limits, the number of houses allowed, and the monetary ceiling before publishing.