{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"21","heading":"Amendment of section 54EC","text":"Amendment of section 54EC. 21. In section 54EC of the Income-tax Act, with effect from the 1st day of April, 2019,— (a) | in sub-section (1), after the words \"long-term capital asset\", the words \", being land or building or both,\" shall be inserted; (b) | in sub-section (2), before the Explanation, the following proviso shall be inserted, namely:— 'Provided that in case of long-term specified asset referred to in sub-clause (ii) of clause (ba) of the Explanation occurring after sub-section (3), this sub-section shall have effect as if for the words \"three years\", the words \"five years\" had been substituted.'. (c) | in the Explanation occurring after sub-section (3), for clause (ba), the following clause shall be substituted, namely:— '(ba) | \"long-term specified asset\" for making any investment under this section,— (i) | on or after the 1st day of April, 2007 but before the 1st day of April, 2018, means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before the 1st day of April, 2018; (ii) | on or after the 1st day of April, 2018, means any bond, redeemable after five years and issued on or after the 1st day of April, 2018, by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988) or by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956) or any other bond notified in the Official Gazette by the Central Government in this behalf.'.","html":"<p><b> Amendment of section 54EC.</b></p><p><b> 21.</b> In section 54EC of the Income-tax Act, with effect from the 1st day of April, 2019,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1), after the words \"long-term capital asset\", the words \", being land or building or both,\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (2), before the <i>Explanation</i>, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<b>Provided</b> that in case of long-term specified asset referred to in sub-clause (<i>ii</i>) of clause (<i>ba</i>) of the <i>Explanation</i> occurring after sub-section (3), this sub-section shall have effect as if for the words \"three years\", the words \"five years\" had been substituted.'.</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the <i>Explanation</i> occurring after sub-section (3), for clause (<i>ba</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>ba</i>)</td><td></td><td>\"long-term specified asset\" for making any investment under this section,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>on or after the 1st day of April, 2007 but before the 1st day of April, 2018, means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before the 1st day of April, 2018;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>on or after the 1st day of April, 2018, means any bond, redeemable after five years and issued on or after the 1st day of April, 2018, by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988) or by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956) or any other bond notified in the Official Gazette by the Central Government in this behalf.'.</td></tr></table></div>","words":265,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/21/","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."}