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Amendment of Section-54 (Budget 2014-2015)   relating to "PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE"

(As per Finance (No. 2) Bill, 2014 and Last Minute Amendment also incorporated)
(As passed by Lok Sabha)

The existing provisions contained in sub-section (1) of section 54 provide that where capital gain arises from the transfer of a long-term capital asset, being a residential house, and the assessee within a period of one year before or two years after the date of transfer purchases, or within a period of three years after the date of transfer constructs, a residential house then the amount of capital gains to the extent invested in the new residential house is exempted. It is proposed to amend the aforesaid sub-section so as to provide that the exemption is available, if the investment is made in purchase or construction of one residential house situated in India.

 

This amendment will take effect from 1St April, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent years.

 
 
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Insert a new Chapter XII-FA (Budget:2014-2015) in 'Special Provisions Relating to Business Trusts'
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Amendment of Section-10 (Budget 2014-2015) relating to Income not Included in Total Income
Amendment of Section-10AA (Budget 2014-2015) relating to "SPECIAL PROVISION IN RESPECT OF NEWLY ESTABLISHED UNITS IN SPECIAL ECONOMIC ZONES"
Amendment of Section-11 (Budget 2014-2015) relating to " SPECIAL PROVISION IN RESPECT OF NEWLY ESTABLISHED UNITS IN SPECIAL ECONOMIC ZONES "
Amendment of Section-111A (Budget 2014-2015) relating to "TAX ON SHORT-TERM CAPITAL GAINS IN CERTAIN CASES"
Amendment of Section-112 (Budget 2014-2015) relating to "TAX ON LONG-TERM CAPITAL GAINS"
Amendment of Section-115-O (Budget 2014-2015) relating to "TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES"
Amendment of Section-115-R (Budget 2014-2015) relating to "TAX ON DISTRIBUTED INCOME TO UNIT HOLDERS"
Amendment of Section-115-TA (Budget 2014-2015) relating to "TAX ON DISTRIBUTED INCOME TO INVESTORS "
Amendment of Section-115A (Budget 2014-2015) relating to "TAX ON DIVIDENDS, ROYALTY AND TECHNICAL SERVICE FEES IN THE CASE OF FOREIGN Amendment of Section-115A (Budget 2014-2015) relating to "TAX ON DIVIDENDS, ROYALTY AND TECHNICAL SERVICE FEES IN THE CASE OF FOREIGN Amendment of Section-115A (Budget 2014-2015) relating to "TAX ON DIVIDENDS, ROYALTY AND TECHNICAL SERVICE FEES IN THE CASE OF FOREIGN COMPANIES"
Amendment of Section-115BBC (Budget 2014-2015) relating to "ANONYMOUS DONATIONS TO BE TAXED IN CERTAIN CASES"
Amendment of Section-115BBD (Budget 2014-2015) relating to "TAX ON CERTAIN DIVIDENDS RECEIVED FROM FOREIGN COMPANIES"
Amendment of Section-115JC (Budget 2014-2015) relating to "THE PROVISIONS FOR PAYMENT OF TAX BY CERTAIN PERSONS OTHER THAN A COMPANY"
Amendment of Section-115JEE (Budget 2014-2015) relating to "APPLICATION OF THE CHAPTER XII-8A TO CERTAIN PERSONS"
Amendment of Section-116 (Budget 2014-2015) relating to "SUBSTITUTION OF NEW INCOME-TAX AUTHORITIES "
Amendment of Section-12A (Budget 2014-2015) relating to " CONDITIONS FOR APPLICABILITY OF SECTIONS-11 AND 12 "
Amendment of Section-12AA (Budget 2014-2015) relating to " PROCEDURE FOR REGISTRATION "
Amendment of Section-133A (Budget 2014-2015) relating to "POWER OF SURVEY"
Amendment of Section-133C (Budget 2014-2015) relating to "POWER TO CALL FOR INFORMATION BY PRESCRIBED INCOME-TAX AUTHORITY"
Amendment of Section-139 (Budget 2014-2015) relating to " RETURN OF INCOME"
Amendment of Section-140 (Budget 2014-2015) relating to " RETURN BY WHOM TO BE SIGNED"
Amendment of Section-142K (Budget 2014-2015) relating to " Estimate By Valuation Officer In Certain Cases"
Amendment of Section-145 (Budget 2014-2015) relating to " METHOD OF ACCOUNTING"
Amendment of Section-153 (Budget 2014-2015) relating to " TIME LIMIT FOR COMPLETION OF ASSESSMENTS AND REASSESSMENTS"
Amendment of Section-153-B (Budget 2014-2015) relating to " TIME LIMIT FOR COMPLETION OF ASSESSMENT UNDER SECTION -153A"
Amendment of Section-153-C (Budget 2014-2015) relating to " ASSESSMENT OF INCOME OF ANY OTHER PERSON"
Amendment of Section-194-DA (Budget 2014-2015) relating to " PAYMENT IN RESPECT OF LIFE INSURANCE POLICY"
Amendment of Section-194-LBA (Budget 2014-2015) relating to "CERTAIN INCOME FROM BUSINESS TRUST"
Amendment of Section-194-LC (Budget 2014-2015) relating to "INCOME BY WAY OF INTEREST FROM INDIAN COMPANY"
Amendment of Section-2(14) (Budget 2014-2015) relating to "CAPITAL ASSET "
Amendment of Section 2 relating to Definitions. [ (As per Finance (No. 2) Bill, 2014 and Last Minute Amendment also incorporated) (As passed by Lok Sabha)
Amendment of Section-200-A (Budget 2014-2015) relating to "PROCESSING OF STATEMENTS OF TAX DEDUCTED AT SOURCE"
Amendment of Section-200 (Budget 2014-2015) relating to "DUTY OF PERSON DEDUCTING TAX"
Amendment of Section-201 (Budget 2014-2015) relating to "CONSEQUENCES OF FAILURE TO DEDUCT OR PAY"
Amendment of Section-206-AA (Budget 2014-2015) relating to "REQUIREMENT TO FURNISH PERMANENT ACCOUNT NUMBER"
Amendment of Section-220 (Budget 2014-2015) relating to "WHEN TAX PAYABLE AND WHEN ASSESEE DEEMED IN DEFAULT"
Amendment of Section-24 (Budget 2014-2015) relating to " DEDUCTIONS FROM INCOME FROM HOUSE PROPERTY"
Amendment of Section-245-A (Budget 2014-2015) relating to " SETTLEMENT OF CASES-DEFINITION"
Amendment of Section-245-N (Budget 2014-2015) relating to " ADVANCE RULING-DEFINITIONS"
Amendment of Section-245-O (Budget 2014-2015) relating to " AUTHORITY FOR ADVANCE RULINGS "
Amendment of Section-269-T (Budget 2014-2015) relating to " MODE OF REPAYMENT OF CERTAIN LOANS AND DEPOSITS "
Amendment of Section-269-SS (Budget 2014-2015) relating to "MODE OF TAKING OR ACCEPTING CERTAIN LOANS AND DEPOSITS"
Amendment of Section-271-FA (Budget 2014-2015) relating to " PENALTY FOR FAILURE TO FURNISH ANNUAL INFORMATION RETURN "
Amendment of Section-271-FAA (Budget 2014-2015) relating to " PENALTY FOR FURNISHING INACCURATE STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT"
Amendment of Section-271-G (Budget 2014-2015) relating to " LEVY OF PENALTY FOR FAILURE TO FURNISH INFORMATION OR DOCUMENT UNDER SECTION-92D OF THE ACT"
Amendment of Section-271-H (Budget 2014-2015) relating to " PENALTY FOR FAILURE TO FURNISH STATEMENTS, etc."
Amendment of Section-276-D (Budget 2014-2015) relating to " FAILURE TO PRODUCE ACCOUNTS AND DOCUMENTS"
Amendment of Section-281-B (Budget 2014-2015) relating to "PROVISIONAL ATTACHMENT TO PROTECT REVENUE IN CERTAIN CASES"
Amendment of Section-285-BA (Budget 2014-2015) relating to "OBLIGATION TO FURNISH ANNUAL INFORMATION RETURN WITH A NEW SECTION"
Amendment of Section-32AC (Budget 2014-2015) relating to " INVESTMENT IN NEW PLANT OR MACHINERY"
Amendment of Section-35AD (Budget 2014-2015) relating to " DEDUCTION IN RESPECT OF EXPENDITURE ON SPECIFIED BUSINESS"
Amendment of Section-37 (Budget 2014-2015) relating to " GENERAL EXPENDITURE"
Amendment of Section-40 (Budget 2014-2015) relating to "AMOUNTS NOT DEDUCTIBLE"
Amendment of Section-43 (Budget 2014-2015) relating to "DEFINITIONS OF CERTAIN TERMS RELEVANT TO INCOME FROM PROFITS AND GAINS OF BUSINESS OR PROFESSION"
Amendment of Section-44AE (Budget 2014-2015) relating to "SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES"
Amendment of Section-45 (Budget 2014-2015) relating to " CAPITAL GAINS"
Amendment of Section-47 (Budget 2014-2015) relating to "TRANSACTIONS NOT REGARDED AS TRANSFER"
Amendment of Section-48 (Budget 2014-2015) relating to "MODE OF COMPUTATION"
Amendment of Section-49 (Budget 2014-2015) relating to "COST WITH REFERENCE TO CERTAIN MODES OF ACQUISITION"
Amendment of Section-51 (Budget 2014-2015) relating to "ADVANCE MONEY RECEIVED"
Amendment of Section-54 (Budget 2014-2015) relating to "PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE"
Amendment of Section-54EC (Budget 2014-2015) relating to " CAPITAL GAIN NOT TO BE CHARGED ON INVESTMENT IN CERTAIN BONDS"
Amendment of Section-54F (Budget 2014-2015) relating to " CAPITAL GAIN ON TRANSFER OF CERTAIN CAPITAL ASSETS NOT TO BE CHARGED IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE"
Amendment of Section-56 (Budget 2014-2015) relating to " INCOME FROM OTHER SOURCES"
Amendment of Section-73 (Budget 2014-2015) relating to " LOSSES IN SPECULATION BUSINESS"
Amendment of Section-80-IA (Budget 2014-2015) relating to " DEDUCTIONS IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, etc."
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Amendment of Section-80CCE (Budget 2014-2015) relating to " LIMIT ON DEDUCTIONS UNDER SECTIONS BOC, 8OCCC AND BOCCD"
Amendment of Section-92-C (Budget 2014-2015) relating to "COMPUTATION OF ARM’S LENGTH PRICE "
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Amendment of Section-92CC (Budget 2014-2015) relating to "ADVANCE PRICING AGREEMENT"
 
 
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