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          <h1>Amendment to Section 54: Capital Gains Tax Exemption Now Limited to One Residential House in India</h1> Clause 22 of the Finance (No. 2) Bill, 2014 amends section 54 of the Income-tax Act, focusing on capital gains from the sale of residential property. The amendment specifies that the exemption from capital gains tax applies only if the proceeds are invested in purchasing or constructing one residential house located in India. This change, effective from April 1, 2015, applies to the assessment year 2015-16 and onwards. Previously, the law allowed for the exemption if the investment was made in any residential house, without geographic restriction.

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