Budget 2014-15 – Implications :
One Residential House in India..!
This 2014-15 budget has plugged various
judicial pronouncements on the interpretation of the word “a residential house”
which was decided as “any” and / or “many” residential houses.
Now this Budget has finally clarified that
on sale of an asset, reinvestment benefit is available if invested in ONE
residential house in India (section 54 / 54F).
Further, the leverage of escalating the Rs:
50 Lakhs reinvestment in 54 EC Bonds to Rs: 1 crore by managing the sale of the
asset in the last 6 (six) months of the financial year is also plugged by restricting
the benefit to Rs: 50 Lakhs only.
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