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of <h1>Finance Bill 2023 Amends Section 54F: New Cap on Capital Gains Deductions for Property Investments Over 10 Crore</h1> Clause 30 of the Finance Bill, 2023, amends section 54F of the Income-tax Act, effective April 1, 2024. It introduces a proviso in sub-section (1) stipulating that if the cost of a new asset exceeds ten crore rupees, the excess amount will not be considered for deduction purposes. Additionally, a proviso in sub-section (4) states that net consideration above ten crore rupees will not be accounted for. These changes apply from the assessment year 2024-2025 onward, affecting capital gains deductions related to investments in residential properties.
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