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Various Acts & Rules »
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
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 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Finance Act - Chapter III - 21 Amendment of section 56
June, 22nd 2010

Amendment of section 56.

21. In section 56 of the Income-tax Act, in sub-section (2),

          (a)  in clause (vii),

       (i)  for sub-clause (b), the following sub-clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009, namely:

        (b)  any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;;

     (ii)  in the Explanation, in clause (d),

          (A)  in the opening portion, for the word means, the words means the following capital asset of the assessee, namely: shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009;

          (B)  in sub-clause (vii), the word or shall be omitted with effect from the 1st day of June, 2010;

          (C)  in sub-clause (viii), the word or shall be inserted at the end with effect from the 1st day of June, 2010;

         (D)  after sub-clause (viii), the following sub-clause shall be inserted with effect from the 1st day of June, 2010, namely:

   (ix)  bullion;;

          (b)  after clause (vii), the following shall be inserted with effect from the 1st day of June, 2010, namely:

(viia)  where a firm or a company not being a company in which the public are substantially interested, receives, in any previous year, from any person or persons, on or after the 1st day of June, 2010, any property, being shares of a company not being a company in which the public are substantially interested,

           (i)  without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property;

          (ii)  for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration :

             Provided that this clause shall not apply to any such property received by way of a transaction not regarded as transfer under clause (via) or clause (vic) or clause (vicb) or clause (vid) or clause (vii) of section 47.

             Explanation.For the purposes of this clause, fair market value of a property, being shares of a company not being a company in which the public are substantially interested, shall have the meaning assigned to it in the Explanation to clause (vii);.

 
 
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