{"act":{"id":"finance-act-2019-no-1","short_title":"The Finance Act, 2019 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/"},"unit":"section","section":{"number":"16","heading":"Amendment of section 21","text":"Amendment of section 21 16. In section 21 of the principal Act,— (a) | for the words \"the value of such stock or security according to the average price or the value thereof on the day of the date of the instrument.\", the words \"the market value of such stock or security:\" shall be substituted; (b) | the following proviso shall be inserted, namely:— \"Provided that the market value for calculating the stamp-duty shall be, in the case of— (i) | options in any securities, the premium paid by the buyer; (ii) | repo on corporate bonds, interest paid by the borrower; and (iii) | swap, only the first leg of the cash flow.\".","html":"<p><b>Amendment of section 21</b></p><p><b>16. </b>In section 21 of the principal Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for the words \"the value of such stock or security according to the average price or the value thereof on the day of the date of the instrument.\", the words \"the market value of such stock or security:\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the following proviso shall be inserted, namely:—</td></tr></table></div><p>\"<b>Provided</b> that the market value for calculating the stamp-duty shall be, in the case of—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>options in any securities, the premium paid by the buyer;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>repo on corporate bonds, interest paid by the borrower; and</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>swap, only the first leg of the cash flow.\".</td></tr></table></div>","words":114,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/section/16/","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."}