New Delhi, Sept. 27 -- Selling a house, land, shares, mutual funds, or another capital asset can result in capital gains tax. However, the Income-tax Act provides certain exemptions where the capital gains or sale proceeds can be reinvested in specified assets within prescribed timelines.

There are nine key capital gains exemptions under Sections 54 to 54GB, but the rules differ depending on the asset sold and the asset in which the money is reinvested.

This exemption is available to individuals and Hindu Undivided Families (HUFs) when a property is sold after 24 months. The new house must be purchased within one year before or two years after the sale, or constructed within three years.

The exemption is limited to the amount of actual...