85. (1) Where an assessee has–– (a) long-term capital gains arising from the transfer of land or building, or both, (original asset); and (b) within six months after the date of such transfer, invested whole or part of the capital gains in a long-term specified asset (new asset), then, the capital gains shall be dealt with as follows:— (i) if the capital gains exceed the investment in the new asset, the amount of capital gains as exceeds such investment shall be charged under section 67; or (ii) if the capital gains is equal to or less than the investment in the new asset, the whole of such capital gains shall not be charged under section 67. (2) For the purposes of sub-section (1), investment made in the long-term specified asset from capital gain arising from transfer of one or more original asset shall not exceed fifty lakh rupees,–– (a) during any tax year; or (b) in the year of transfer of the original asset or assets and in the subsequent tax year. (3) If the new asset is transferred or converted (otherwise than by transfer) into money within five years of its acquisition, the capital gains not charged under section 67 as per sub-section (1), shall be deemed to be income chargeable as long-term capital gains in the tax year of its transfer or conversion.

85. (1) Where an assessee has–– (a) long-term capital gains arising from the transfer of land or building, or both, (original asset); and (b) within six months after the date of such transfer, invested whole or part of the capital gains in a long-term specified asset (new asset), then, the capital gains shall be dealt with as follows:— (i) if the capital gains exceed the investment in the new asset, the amount of capital gains as exceeds such investment shall be charged under section 67; or (ii) if the capital gains is equal to or less than the investment in the new asset, the whole of such capital gains shall not be charged under section 67. (2) For the purposes of sub-section (1), investment made in the long-term specified asset from capital gain arising from transfer of one or more original asset shall not exceed fifty lakh rupees,–– (a) during any tax year; or (b) in the year of transfer of the original asset or assets and in the subsequent tax year. (3) If the new asset is transferred or converted (otherwise than by transfer) into money within five years of its acquisition, the capital gains not charged under section 67 as per sub-section (1), shall be deemed to be income chargeable as long-term capital gains in the tax year of its transfer or conversion.