(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.
