Section 50 - Amendment of section 199 - Finance (No. 2) Act, 1996

50. Amendment of section 199 In section 199 of the Income-tax Act, with effect from the 1st day of April, 1997, - (i) for the words owner of the security , the words owner of the security, or depositor or owner of property or of unit-holder shall be substituted; (ii) in the first proviso, for the word owner , the words owner or depositor or unit-holder shall be substituted; (iii) for the second proviso, the following proviso shall be substituted, namely :- Provided further that where any property, deposit, security, unit or share is owned jointly by two or more persons not constituting a partnership, the payment shall be deemed to have been made on behalf of, and credit shall be given to, each such person in the same proportion in which rent, interest on deposit or on security or income in respect of unit or dividend on share is assessable as his income.