{"act":{"id":"finance-act-2004","short_title":"The Finance Act, 2004","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2004-2005.","act_number":null,"act_year":2004,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":68,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2004/"},"unit":"section","section":{"number":"13","heading":"Amendment of section 56","text":"Amendment of section 56. 13. In section 56 of the Income-tax Act, in sub-section (2), after clause (iv), the following clause shall be inserted at the end, with effect from the 1st day of April, 2005, namely:— ‘(v ) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004, the whole of such sum : Provided that this clause shall not apply to any sum of money received— (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer. Explanation. — For the purposes of this clause, \"relative\" means— (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 56.</b></p><p><b>13.</b> In section 56 of the Income-tax Act, in sub-section (2), after clause (<i>iv</i>), the following clause shall be inserted at the end, with effect from the 1st day of April, 2005, namely:—</p><p>‘(<i>v</i> ) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004, the whole of such sum :</p><p><b>Provided</b> that this clause shall not apply to any sum of money received—</p><p>(<i>a</i>) from any relative; or</p><p>(<i>b</i>) on the occasion of the marriage of the individual; or</p><p>(<i>c</i>) under a will or by way of inheritance; or</p><p>(<i>d</i>) in contemplation of death of the payer.</p><p><i> Explanation.</i> — For the purposes of this clause, \"relative\" means—</p><p>(<i>i</i>) spouse of the individual;</p><p>(<i>ii</i>) brother or sister of the individual;</p><p>(<i>iii</i>) brother or sister of the spouse of the individual;</p><p>(<i>iv</i>) brother or sister of either of the parents of the individual;</p><p>(<i>v</i>) any lineal ascendant or descendant of the individual;</p><p>(<i>vi</i>) any lineal ascendant or descendant of the spouse of the individual;</p><p>(<i>vii</i>) spouse of the person referred to in clauses (<i>ii</i>) to (<i>vi</i>).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":208,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2004/section/13/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}