What forms of long term capital gains exempted from taxation?

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Following - (i)Capital Gains arising from transfer of residential house, For instance:
When a taxpayer has within a period of one year before or two years after the date of transfer purchased residential house in India or within a period of 3 years from the date of transfer constructed a residential house in India. The amount of exemption will be to the extent of the cost of new residential house purchased or constructed.  And, if the amount of capital gains could not be utilized for acquisition or construction of the new house before the date of furnishing the return, the such amount should be deposited in Capital Gains Account Scheme, 1988 with any specified bank authorized by Central Government for availing exemption.
Also, if the new house is transferred within a period  of 3 years of its purchase or construction, the exemption given earlier will be withdrawn.

(ii) Capital Gains arising from the transfer of Agricultural Land:
If the taxpayer has purchased within a period of 2 years from the date of transfer any other agricultural land for agricultural purposes then also it is exempted.

(iii) Capital Gains on Compulsory acquisition of Land or building used as Industrial Undertaking by the taxpayer:
If the taxpayer within a period of 3 years purchased any land or building or constructed any building for shifting or re - establishing the Industrial Undertaking.

(iv) Exemption on investment of Long Term Capital Gains in Specified Long Term Assets i.e. in certain Bonds:
If investment is made within 6 months from the date of transfer.  Maximum for investment which qualifies exemption is 50 lakh rupees.
Here deposit in Capital Gains Account Scheme, 1988  does not apply but consequence of transfer of the Bond within 3 years or taking loan against such bond within 3 years is the same i.e. exemption allowed will be withdrawn.

(v) Exemption on investment of Long Term Capital Gains for purchase or construction of residential house in India:
This exemption is available to individuals and HUFs. The residential house should have been purchased 1 year before or 2 years after or constructed within 3 years.
Provisions of deposit in Capital Gains Account Scheme, 1988 and consequence of transfer of the new acquired/constructed residential house within 3 years will be the same as (in) sub clause.
 

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