Section 30 - Amendment of Act 45 of 1974 - Finance Act, 1976

Interest-tax 30. Amendment of Act 45 of 1974 In section 2 of the Interest-tax Act, 1974, in clause (7), with effect from the 1st day of April, 1977, - (a) in sub-clause (i), the word and shall be omitted; (b) in sub-clause (ii), the word and shall be inserted at the end; (c) after sub-clause (ii), the following sub-clause shall be inserted, namely :- (iii) interest on money lent for the creation of a capital asset in India where the agreement under which such moneys are lent provides for the repayment thereof during a period of not less than seven years; .