{"act":{"id":"finance-act-2010","short_title":"The Finance Act, 2010","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2010-2011.","act_number":null,"act_year":2010,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":60,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2010/"},"unit":"section","section":{"number":"20","heading":"Amendment of section 49","text":"Amendment of section 49. 20. In section 49 of the Income-tax Act,— (a ) in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters \"clause (vicb) of section 47\", the words, brackets, figures and letters \"clause (vicb) or clause (xiiib) of section 47\" shall be substituted with effect from the 1st day of April, 2011; (b ) after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely :— \"(2AAA) Where the capital asset being rights of a partner referred to in section 42 of the Limited Liability Partnership Act, 2008 (6 of 2009) became the property of the assessee on conversion as referred to in clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the company immediately before its conversion.\"; (c ) in sub-section (4), after the word, brackets and figures \"clause (vii)\", at both the places where they occur, the words, brackets, figures and letter \"or clause (viia)\" shall be inserted with effect from the 1st day of June, 2010. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 49.</b></p><p><b>20.</b> In section 49 of the Income-tax Act,—</p><p>(<i>a</i> ) in sub-section (1), in clause (<i>iii</i>), in sub-clause (<i>e</i>), for the words, brackets, figures and letters \"clause (<i>vicb</i>) of section 47\", the words, brackets, figures and letters \"clause (<i>vicb</i>) or clause (<i>xiiib</i>) of section 47\" shall be substituted with effect from the 1st day of April, 2011;</p><p>(<i>b</i> ) after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely :—</p><p>\"(2AAA) Where the capital asset being rights of a partner referred to in section 42 of the Limited Liability Partnership Act, 2008 (6 of 2009) became the property of the assessee on conversion as referred to in clause (<i>xiiib</i>) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the company immediately before its conversion.\";</p><p>(<i>c</i> ) in sub-section (4), after the word, brackets and figures \"clause (<i>vii</i>)\", at both the places where they occur, the words, brackets, figures and letter \"or clause (<i>viia</i>)\" shall be inserted with effect from the 1st day of June, 2010.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":202,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2010/section/20/","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."}