Clause 25 - Amendment of section 56 - Finance (No. 2) Bill, 2014

Amendment of section 56 25. In section 56 of the Income-tax Act, in sub-section (2), after clause (viii), the following clause shall be inserted with effect from the 1st day of April, 2015, namely: (ix) any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if, (a) such sum is forfeited; and (b) the negotiations do not result in transfer of such capital asset. .