{"act":{"id":"finance-act-2019-no-1","short_title":"The Finance Act, 2019 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/"},"unit":"section","section":{"number":"6","heading":"Amendment of section 54","text":"Amendment of section 54 6. In section 54 of the Income-tax Act, in sub-section (1), after clause (ii), the following provisos shall be inserted with effect from the 1st day of April, 2020, namely:— 'Provided that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,— (a) | the provisions of this sub-section shall have effect as if for the words \"one residential house in India\", the words \"two residential houses in India\" had been substituted; (b) | any reference in this sub-section and sub-section (2) to \"new asset\" shall be construed as a reference to the two residential houses in India: Provided further that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.'.","html":"<p><b>Amendment of section 54</b></p><p><b>6. </b>In section 54 of the Income-tax Act, in sub-section (1), after clause (<i>ii</i>), the following provisos shall be inserted with effect from the 1st day of April, 2020, namely:—</p><p>'<b>Provided</b> that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the provisions of this sub-section shall have effect as if for the words \"one residential house in India\", the words \"two residential houses in India\" had been substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>any reference in this sub-section and sub-section (2) to \"new asset\" shall be construed as a reference to the two residential houses in India:</td></tr><tr><td></td><td></td><td><b>Provided further</b> that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.'.</td></tr></table></div>","words":164,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/section/6/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}