{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"26","heading":"Insertion of new section 50CA","text":"Insertion of new section 50CA. 26. After section 50C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:— '50CA. Special provision for full value of consideration for transfer of share other than quoted share.—Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being share of a company other than a quoted share, is less than the fair market value of such share determined in such manner as may be prescribed, the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer. Explanation.—For the purposes of this section, \"quoted share\" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business.'.","html":"<p><b> Insertion of new section 50CA.</b></p><p><b> 26. </b>After section 50C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:—</p><p>'50CA. <i>Special provision for full value of consideration for transfer of share other than quoted share.</i>—Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being share of a company other than a quoted share, is less than the fair market value of such share determined in such manner as may be prescribed, the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer.</p><p><i>Explanation.</i>—For the purposes of this section, \"quoted share\" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business.'.</p>","words":161,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/26/","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."}