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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 54: Capital Gains Tax on Sale of Residential Property Clarified, Additional Compensation Defined.</h1> The Finance Act of 1978 amends Section 54 of the Income-tax Act, effective from April 1, 1974. The amendment renumbers Section 54 as sub-section (1) and introduces new definitions and conditions regarding capital gains from the sale of a residential property. It specifies handling of capital gains when the original asset is compulsorily acquired and compensation is enhanced. If the unadjusted capital gain exceeds the cost of a new residential property, the difference is taxable. If it is less or equal, it is not taxed. The amendment also defines 'additional compensation' and outlines the computation of capital gains under these circumstances.
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