(5)The provisions of sub-section (1) shall not apply, if––(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 one year of transfer of the original asset; or(iii)constructs any residential house, other than the new asset, within three years 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".
