{"act":{"id":"finance-act-2013","short_title":"The Finance Act, 2013","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2013-2014.","act_number":null,"act_year":2013,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":142,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2013/"},"unit":"section","section":{"number":"11","heading":"Amendment of section 56","text":"Amendment of section 56. 11. In section 56 of the Income-tax Act, in sub-section (2),— (I) | in clause (vii), for sub-clause (b), the following sub-clause shall be substituted with effect from the 1st day of April, 2014, namely:— \"(b) any immovable property,— (i) | without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) | for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property;\"; (II) | in clause (viib), in the Explanation, in clause (b), for the word and figure \"Explanation 1\", the word \"Explanation\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 56.</b></p><p><b>11.</b> In section 56 of the Income-tax Act, in sub-section (2),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>vii</i>)<i>, </i>for sub-clause (<i>b</i>), the following sub-clause shall be substituted with effect from the 1st day of April, 2014, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>b</i>) any immovable property,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><b>Provided</b> that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause:</td></tr><tr><td></td><td></td><td><b>Provided further</b> that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property;\";</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in clause (<i>viib</i>), in the <i>Explanation, </i>in clause (<i>b</i>), for the word and figure <i>\"Explanation 1</i>\", the word <i>\"Explanation\" </i>shall be substituted.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":223,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/11/","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."}