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of <h1>Union Budget 2023-24: Amendments to Sections 54 & 54F Cap Deductions on Capital Gains for Expensive Properties at Rs. 10 Crore.</h1> The Union Budget 2023-24 and Finance Bill propose amendments to sections 54 and 54F of the Income-tax Act, 1961, which currently allow deductions on capital gains from the transfer of long-term capital assets if reinvested in residential property. The amendments aim to curb excessive claims by high-net-worth individuals purchasing expensive properties by capping the maximum deduction at ten crore rupees. If a new asset exceeds this cost, it will be deemed to be ten crores for deduction purposes. Changes also affect the Capital Gains Account Scheme, applying the limit to relevant deposits. These amendments will be effective from April 1, 2024, for the assessment year 2024-25 onward.
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