9911796707
TMI BlogAmendment of section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of April, 2015,- (A) for 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; (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 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the 10th day of July, 2014, the provisions of this clause shall have effect as it for the words thirty-six months , the words twelve months had been substituted. . (C) in the Explanation 1, in clause (i), after sub-clause (hb), the following sub-clause shall be inserted with effect from the 1st day of October, 2014, namely:- (hc) in the case of a capital asset, being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee; ; (D) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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