Section 18 - Amendment of section 48. - Finance Act, 2021

Amendment of section 48. 18. In section 48 of the Income-tax Act, after clause (ii) the following clause shall be inserted, namely:── (iii) in case of value of any money or capital asset received by a specified person from a specified entity referred to in sub-section (4) of section 45, the amount chargeable to income-tax as income of such specified entity under that sub-section which is attributable to the capital asset being transferred by the specified entity, calculated in the prescribed manner: .