Is exemption like 54 or 54F available in Direct Tax Code 2010 ?

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Under the Income Tax Act , 1961 , if the residential house or any other long term investments were sold  and residential house is purchased , in that case exemption from captal gains u/s 54 or 54F  is allowable.

The Direct Tax Code 2010 has also similar provision u/s 55 which has  provison for exemption on capital gains on sale of asset. Here are important points

The exemption u/s 55 can be claimed only by Indivdual or HUF .

The asset has to be held for at least one year from the 1st April of the financial year in which the asset is

sold.

The amount of exemption can not be more than capital gains. The capital gains should be computed as under:

D = the amount deposited by the end of the financial year in which sale  is effected  or six months from the date of transfer of sold asset , whichever is later .

E = the net consideration received as a result of the transfer of the original investment asset.

The new residential house should not be sold within one year from the end of financial year in which the asset on which capital gains arose  was sold.

The exemption u/s 55 is not available if you own more than one house (other than the new residential house ) on the date of sale of asset on which gains arose.