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of <h1>Finance Bill 2023 amends Income-tax Act, Section 54: New cap on capital gains deductions over 10 crore from 2024.</h1> Clause 25 of the Finance Bill, 2023, amends section 54 of the Income-tax Act, effective April 1, 2024. It introduces a proviso in sub-section (1) that excludes amounts exceeding ten crore rupees from consideration when calculating deductions on capital gains from residential property sales. Similarly, in sub-section (2), it specifies that capital gains over ten crore rupees are not considered. These changes apply to the assessment year 2024-2025 onwards, impacting deductions on long-term capital gains from residential properties in India.
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