Clause 67 - Amendment of section 269T - Finance Bill, 2015

Amendment of section 269T 67. In section 269T of the Income-tax Act, with effect from the 1st day of June, 2015,- (A) in the opening portion- (a) after the words repay any loan or deposit made with it , the words or any specified advance received by it shall be inserted; (b) after the words made the loan or deposit , the words or paid the specified advance, shall be inserted; (B) in clause (a), after the words loan or deposit , the words or specified advance shall be inserted; (C) in clause (b), the word or shall be inserted at the end; (D) after clause (b) and before the long line, the following clause shall be inserted, namely:- (c) the aggregate amount of the specified advances received by such person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such specified advances, ; (E) in the second proviso, after the words any loan or deposit , the words or specified advance shall be inserted; (F) in the Explanation, after clause (iii), the following clause shall be inserted, namely:- (iv) specified advance means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place.