Housing and the budget impact on redevelopment3 min read 20 Mar 2023, 11:09 PM IST
Sellers who enter into redevelopment agreements for existing houses can be impacted
In the recent budget, the limit for reinvestment in a residential house to claim the benefit of long-term capital gains exemption on sale of a house (under Section 54) or on sale of any other asset (under Section 54F) is proposed to be restricted to ₹10 crore. This limit of ₹10 crore is proposed to be applicable from assessment year 2024-25, i.e. for capital gains chargeable to tax from the financial year 2023-24 onwards.
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