# The Finance Act, 2000, Section 28: Amendment of section 54F

- Act: The Finance Act, 2000
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2000/section/28/

## Text

Amendment of section 54F. 28. In section 54F of the Income-tax Act, in sub-section (1), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2001, namely:— ‘Provided that nothing contained in this sub-section shall apply where— (a) the assessee,— (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the origi­nal asset, is chargeable under the head "Income from house property".’. © Copyright. Taxmann Publications Pvt. Ltd.

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