Capital gains exemption cap limits deduction for replacement residential property purchased or constructed under the law. Amendment imposes a monetary cap on relief for long term capital gains on transfer of a residential house: cost of the new asset exceeding ten crore rupees is excluded from the calculation of the deduction for replacement purchase or construction, and capital gains in excess of ten crore rupees are excluded for the deposit/adjustment requirement conditioning the exemption.
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Provisions expressly mentioned in the judgment/order text.
Capital gains exemption cap limits deduction for replacement residential property purchased or constructed under the law.
Amendment imposes a monetary cap on relief for long term capital gains on transfer of a residential house: cost of the new asset exceeding ten crore rupees is excluded from the calculation of the deduction for replacement purchase or construction, and capital gains in excess of ten crore rupees are excluded for the deposit/adjustment requirement conditioning the exemption.
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