Section 86 — exemption on investing in a residential house (54F)

In plain language

[DRAFT — needs review.] Section 86 (successor to Section 54F) allows an individual/HUF to exempt long-term capital gains on any asset (other than a residential house) where the net sale consideration is invested in a residential house, subject to conditions on owning other houses and reinvestment timing.

Reviewer: confirm conditions (existing-house restriction, proportionate exemption, time limits) before publishing.