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of <h1>Income-tax Act Section 54 Amended: New Provisos Limit New Asset Cost and Capital Gains to Ten Crore Rupees.</h1> Section 54 of the Income-tax Act is amended effective April 1, 2024, by the Finance Act, 2023. In sub-section (1), a new proviso is added stating that if the cost of a new asset exceeds ten crore rupees, the amount above this limit will not be considered for this sub-section. In sub-section (2), amendments include inserting a reference to the new proviso in sub-section (1) and adding a proviso that capital gains exceeding ten crore rupees will not be considered for this sub-section.
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