{"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":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (I) | in clause (24), after sub-clause (xvii), the following sub-clause shall be inserted, namely: — \"(xviia) | any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;\"; (II) | in clause (42A),— (a) | in the third proviso [as inserted by section 3 of the Finance Act, 2016 (28 of 2016)], after the words and brackets \"a company (not being a share listed in a recognised stock exchange in India)\", the words \"or an immovable property, being land or building or both,\" shall be inserted with effect from the 1st day of April, 2018; (b) | in Explanation 1, in clause (i),— (A) | after sub-clause (he), the following sub-clause shall be inserted with effect from the 1st day of April, 2018, namely:— \"(hf) | in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee;\"; (B) | after sub-clause (hf) as so inserted, the following sub-clause shall be inserted, namely:— \"(hg) | in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee;\".","html":"<p><i> <b>CHAPTER III</b> </i></p><p><b>DIRECT TAXES</b></p><p><i>Income-tax</i></p><p><b> Amendment of section 2.</b></p><p><b> 3.</b> In section 2 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>24</i>), after sub-clause (<i>xvii</i>), the following sub-clause shall be inserted, namely: —</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>xviia</i>)</td><td></td><td>any sum of money or value of property referred to in clause (<i>x</i>) of sub-section (2) of section 56;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>in clause (<i>42A</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in the third proviso [as inserted by section 3 of the Finance Act, 2016 (28 of 2016)], after the words and brackets \"a company (not being a share listed in a recognised stock exchange in India)\", the words \"or an immovable property, being land or building or both,\" shall be inserted with effect from the 1st day of April, 2018;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in <i>Explanation 1</i>, in clause (<i>i</i>),<i>—</i></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>after sub-clause (<i>he</i>), the following sub-clause shall be inserted with effect from the 1st day of April, 2018, namely<i>:</i>—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>hf</i>)</td><td></td><td>in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (<i>xb</i>) of section 47, there shall be included the period for which the preference shares were held by the assessee;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>after sub-clause (<i>hf</i>) as so inserted, the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>hg</i>)</td><td></td><td>in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (<i>xix</i>) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee;\".</td></tr></table></div>","words":276,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/3/","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."}