{"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":"23","heading":"Amendment of section 56","text":"Amendment of section 56. 23. In section 56 of the Income-tax Act, in sub-section (2),— (A) | in clause (x),— (I) | in sub-clause (b), for item (B), the following item shall be substituted with effect from the 1st day of April, 2019, namely:— \"(B) | for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:— (i) | the amount of fifty thousand rupees; and (ii) | the amount equal to five per cent of the consideration:\"; (II) | in the fourth proviso, in clause (IX), after the words, brackets and figure \"clause (i) or\", the words, brackets and figures \"clause (iv) or clause (v) or\" shall be inserted; (B) | after clause (x), the following clause shall be inserted with effect from the 1st day of April, 2019, namely:— \"(xi) | any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto.\".","html":"<p><b>Amendment of section 56.</b></p><p><b>23.</b> In section 56 of the Income-tax Act, in sub-section (2),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in clause (<i>x</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in sub-clause (<i>b</i>), for item (<i>B</i>), the following item shall be substituted with effect from the 1st day of April, 2019, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>B</i>)</td><td></td><td>for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the amount of fifty thousand rupees; and</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the amount equal to five per cent of the consideration:\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>in the fourth proviso, in clause (<i>IX</i>), after the words, brackets and figure \"clause (<i>i</i>) or\", the words, brackets and figures \"clause (<i>iv</i>) or clause (<i>v</i>) or\" shall be inserted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>after clause (<i>x</i>), the following clause shall be inserted with effect from the 1st day of April, 2019, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>xi</i>)</td><td></td><td>any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto.\".</td></tr></table></div>","words":186,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/23/","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."}