Clause 28 - Amendment of section 55. - Finance Bill, 2020

Amendment of section 55. 28. In section 55 of the Income-tax Act, in sub-section (2 ), in clause (b ), after sub-clause (ii ), the following shall be inserted with effect from the 1st day of April, 2021, namely:- Provided that in case of a capital asset referred to in sub-clauses (i ) and (ii ), being land or building or both, the fair market value of such asset on the 1st day of April, 2001 for the purposes of the said sub-clauses shall not exceed the stamp duty value, wherever available, of such asset as on the 1st day of April, 2001. Explanation. -For the purposes of this proviso, stamp duty value means the value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of an immovable property. .