{"act":{"id":"finance-act-2007","short_title":"The Finance Act, 2007","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008.","act_number":null,"act_year":2007,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":96,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2007/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 49","text":"Amendment of section 49. 17. In section 49 of the Income-tax Act, with effect from the 1st day of April, 2008,— (i ) in sub-section (1), in clause (iii), in sub-clause (e), for the word, brackets, figures and letters \"clause (viaa)\", the words, brackets, figures and letters \"clause (viaa) or clause (vica) or clause (vicb)\" shall be substituted; (ii ) after sub-section (2AA), the following sub-section shall be inserted, namely:— \"(2AB) Where the capital gain arises from the transfer of specified security or sweat equity shares, the cost of acquisition of such security or shares shall be the fair market value which has been taken into account while computing the value of fringe benefits under clause (ba) of sub-section (1) of section 115WC.\"; (iii ) after sub-section (2D) and before the Explanation,  the following sub-section shall be inserted, namely:— \"(2E) The provisions of sub-section (2), sub-section (2C) and sub-section (2D) shall, as far as may be, also apply in relation to business reorganization of a co-operative bank as referred to in section 44DB.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 49.</b></p><p><b>17.</b> In section 49 of the Income-tax Act, with effect from the 1st day of April, 2008,—</p><p>(<i>i</i> ) in sub-section (1), in clause (<i>iii</i>), in sub-clause (<i>e</i>), for the word, brackets, figures and letters \"clause (<i>viaa</i>)\", the words, brackets, figures and letters \"clause (<i>viaa</i>) or clause (<i>vica</i>) or clause (<i>vicb</i>)\" shall be substituted;</p><p>(<i>ii</i> ) after sub-section (2AA), the following sub-section shall be inserted, namely:—</p><p>\"(2AB) Where the capital gain arises from the transfer of specified security or sweat equity shares, the cost of acquisition of such security or shares shall be the fair market value which has been taken into account while computing the value of fringe benefits under clause (<i>ba</i>) of sub-section (1) of section 115WC.\";</p><p>(<i>iii</i> ) after sub-section (2D) and before the <i>Explanation, </i> the following sub-section shall be inserted, namely:—</p><p>\"(2E) The provisions of sub-section (2), sub-section (2C) and sub-section (2D) shall, as far as may be, also apply in relation to business reorganization of a co-operative bank as referred to in section 44DB.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":179,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/17/","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."}