Section 57 - Amendment of section 194-IA - Finance Act, 2022

Amendment of section 194-IA 57 . In section 194-IA of the Income-tax Act,- (i) in sub-section (1), after the words one per cent. of such sum , the words or the stamp duty value of such property, whichever is higher, shall be inserted; (ii) in sub-section (2), for the words immovable property is , the words immovable property and the stamp duty value of such property, are both, shall be substituted; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:- '(c) stamp duty value shall have the same meaning as assigned to it in clause (f) of the Explanation to clause (vii) of sub-section (2) of section 56.'.