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TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... any scheme of any Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), if the amount of subscription to such units is subscribed, within a period of six months from the close of subscription under such scheme, only to eligible issue of capital, he shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to twenty per cent of the cost of such shares or units to such assessee : Provided that the amount of subscription to such units may be subscribed, for a period not ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue is wholly and exclusively for the purposes of carrying on the business of- (i) construction, manufacture or production of any article or thing, not being an article or thing specified in the list in the Eleventh Schedule; or (ii) providing long-term finance for construction or purchase of houses in India for residential purposes : Provided that in the case of a public company carrying on the business referred to in this sub-clause, such company is approved by the Central Government for the purposes of this section; or (iii) a hospital; or (iv) a hotel approved by the prescribed authority; or (v) operation of ships; (b) the issue is an issue of capital made by the company for the first time : Provided that this clause shall no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an offer for subscription to the public made by the public company or in pursuance of a reservation or an option in his favour by reason of his being a promoter of the company; or (ii) purchased the shares from a person who is specified as an underwriter in respect of the issue of such shares in pursuance of clause 11 of Part I of Schedule II to the Companies Act, 1956 (1 of 1956) and who has acquired such shares by virtue of his obligation as such underwriter. (5) If any equity shares or units, with reference to the cost of which a deduction is allowed under sub-section (1), are sold or otherwise transferred by the assessee to any person at any time within a period of three years from the date of their acquisition, the aggregate amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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