9911796707
TMI BlogAmendment of section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... the words in the opening portion capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include (i) any stock-in-trade , the following shall be substituted, namely: capital asset means (a) property of any kind held by an assessee, whether or not connected with his business or profession; Amendment of section 2. 15 of 1992. (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992, [15 of 1992]but does not include (i) any stock-in-trade [other than the securities referred to in sub-clause (b)], ; (B) the Explanation occurring at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax or, as the case may be, a Director of Income-tax or a Principal Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an Additional Director of Income-tax or a Joint Director of Income-tax or an Assistant Director or Deputy Director of Income-tax; ; (VI) in clause (24), after sub-clause (xvi), the following sub-clause shall be inserted with effect from the 1st day of April, 2015, namely: (xvii) any sum of money referred to in clause (ix) of sub-section (2) of section 56; ; (VII) after clause (34), the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2013, (34A) Principal Chief Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (C) after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April, 2015, namely: Explanation 4. For the purposes of this clause, the expression equity oriented fund shall have the meaning assigned to it in the Explanation to clause (38) of section 10; - Clause 3 of the Bill seeks to amend section 2 of the Income- tax Act relating to definitions. It is proposed to amend the said section so as to insert a new clause (13A) to define business trust to mean a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the Securities Exchange Board of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e existing provisions contained in clause (24) of section 2 defines the term income . It is proposed to amend the said clause (24) so as to include any sum of money referred to in clause (ix) of sub-section (2) of section 56 in the definition of income. This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years. The existing provisions contained in clause (42A) of section 2 provide that short-term capital asset means a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer. However, in the case of a share held in a company or any other security listed in a recognised stock exchange in India or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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