{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"30","heading":"Amendment of section 54F","text":"Amendment of section 54F. 30.  In section 54F of the Income-tax Act, with effect from the 1st day of April, 2024,— (a) | in sub-section (1), after the proviso and before the Explanation, the following proviso shall be inserted, namely:— \"Provided further that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.\"; (b) | in sub-section (4),— (i) | after the words \"amount so deposited shall\", the words, brackets and figure \", subject to the second proviso to sub-section (1)\" shall be inserted; (ii) | after the proviso, the following proviso shall be inserted, namely:— \"Provided further that the net consideration in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.\".","html":"<p><b>Amendment of section 54F.</b></p><p><b>30. </b> In section 54F of the Income-tax Act, with effect from the 1st day of April, 2024,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1), after the proviso and before the <i>Explanation,</i> the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further</b> that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (4),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after the words \"amount so deposited shall\", the words, brackets and figure \", subject to the second proviso to sub-section (1)\" shall be inserted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after the proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further</b> that the net consideration in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.\".</td></tr></table></div>","words":138,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/30/","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."}