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of <h1>Amendment to Section 54F: Capital gains tax exemption now limited to one residential house investment in India. Effective 2015.</h1> Clause 24 of the Finance (No. 2) Bill, 2014, proposes an amendment to section 54F of the Income-tax Act. The amendment specifies that the exemption from capital gains tax, applicable when capital gains from the transfer of a long-term capital asset are reinvested in a residential property, is limited to investments in one residential house located in India. This change is effective from April 1, 2015, and applies to the assessment year 2015-16 and subsequent years.
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