An individual has long-term capital gains of Rs. 3 crore on the sale of a residential house. Under…

Section 82(5) confines the two-house option to gains "not exceed two crore rupees", so it is unavailable on three-crore gains. Section 82(1) allows one house in India within the purchase or construction period, while section 82(2) requires unspent gains to be deposited before filing and no later than the applicable section 263(1) due date.