Monetary cap on capital-gains reinvestment restricts eligible cost for exemption under section 54F, limiting qualifying amount. Amendment imposes a monetary cap on amounts eligible for exemption under section 54F by providing that cost of a new asset in excess of the prescribed threshold shall not be taken into account for computing the reinvestment exemption. Subsection governing deposits and accounting is modified to operate subject to that cap and to exclude net consideration exceeding the threshold from computation for the deposit rule.
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Provisions expressly mentioned in the judgment/order text.
Monetary cap on capital-gains reinvestment restricts eligible cost for exemption under section 54F, limiting qualifying amount.
Amendment imposes a monetary cap on amounts eligible for exemption under section 54F by providing that cost of a new asset in excess of the prescribed threshold shall not be taken into account for computing the reinvestment exemption. Subsection governing deposits and accounting is modified to operate subject to that cap and to exclude net consideration exceeding the threshold from computation for the deposit rule.
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