Unit - Definition / Legal Terminology - Income Tax

unit Explanation (d) . - For the purposes of section 94 of the Income tax Act 1961, unit shall mean,- (i) a unit of a business trust defined in clause (13A) of section 2; (ii) a unit defined in clause (b) of the Explanation to section 115AB; or (iii) beneficial interest of an investor in an Alternative Investment Fund, defined in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 and shall include shares or partnership interests. Explanation 1(c) . - As per section 115UB of the Income tax Act 1961, For the purposes of Chapter XII-FB (special provisions relating to tax on income of investment funds and income received from such funds) ,- unit means- beneficial interest of an investor in the investment fund or a scheme of the investment fund and shall include shares or partnership interests.