Clause 45 - Amendment of section 194-IA. - Finance (No. 2) Bill, 2019

Amendment of section 194-IA. 45. In section 194-IA of the Income-tax Act, in the Explanation, after clause (a), the following clause shall be inserted with effect from the 1 st day of September, 2019, (aa) consideration for immovable property shall include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property; . Note: While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made: Clause 45 Amendment made: Page 18, line 13, for consideration for immovable property , substitute consideration for transfer of any immovable property . (17) Thus, the amended provision will be: 45. In section 194-IA of the Income-tax Act, in the Explanation, after clause (a), the following clause shall be inserted with effect from the 1 st day of September, 2019, (aa) consideration for transfer of any immovable property shall include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property; .