Limit on rollover benefit under sections 54 and 54F restricts excessive deductions for high-value residential purchases. The Finance Bill proposes a deemed cost cap so that where the cost of a new residential asset exceeds ten crore rupees, the cost for computing the ... Summary
Limit on rollover benefit under sections 54 and 54F restricts excessive deductions for high-value residential purchases.
The Finance Bill proposes a deemed cost cap so that where the cost of a new residential asset exceeds ten crore rupees, the cost for computing the deduction under the rollover relief provisions will be treated as ten crore rupees, limiting the maximum deduction. A proviso confines the Capital Gains Account Scheme deposit provision to capital gains or net consideration up to that cap. The amendments are prospective, effective 1 April 2024 and applicable to the assessment year 2024 25 and thereafter.
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