According to recent judgments, anyone purchasing a property outside India is still eligible to avail deduction under section 54F. This is subject to the purchase being made using the net consideration amount arising from the sale of any long term capital asset other than the residential property, and provided all the conditions as laid down in the respective section have been compiled with.
Other tax changes that are applicable for the current financial year 2013-14:
- Investment in Rajiv Gandhi Equity Saving Scheme
- Life insurance premium deductions
- Contribute to health schemes
- Property investment equals more deduction
- Mismatch of TDS amount