Report No. 12

55. Capital gains exempt from tax.-

Notwithstanding anything contained in section 45 [section 12B(1) main para.], where a capital gain arises from the, sale, exchange or transfer of one or more capital assets, being buildings or lands appurtenant thereto the income of which is chargeable under the head "Income from house property", and the full aggregate value of the consideration for which the sale, exchange, or transfer is made does not exceed the sum of twenty-five thousand rupees, the capital gain shall not be included in the total income of the assessee:

Provided that this section shall not apply in any case where the aggregate of the fair market values of all capital assets, being buildings or lands appurtenant thereto the income of which is chargeable under the head "Income from house property", owned by the assessee immediately before the sale, exchange or transfer aforesaid is made, exceeds the sum of rupees fifty thousand.

[Section 12B(4)(a)]