{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"126","heading":"Insertion of new section 8G","text":"CHAPTER VI MISCELLANEOUS PART I AMENDMENT TO THE INDIAN STAMP ACT, 1899 Insertion of new section 8G. 126. In the Indian Stamp Act, 1899 (2 of 1899), after section 8F, the following section shall be inserted, namely:–– '8G. Strategic sale, disinvestment, etc., of immovable property by Government company not liable to stamp duty.—Notwithstanding anything contained in this Act or any other law for the time being in force, any instrument for conveyance or transfer of a business or asset or right in any immovable property from a Government company, its subsidiary, unit or joint venture,— (i) | by way of strategic sale or disinvestment or demerger or any other scheme of arrangements or through any law, to another Government company or to the Central Government or any State Government or to the development financial institution established by any law made by Parliament; or (ii) | which is to be wound up, closed, struck-off, liquidated or otherwise shut down, to another Government company or to the Central Government or any State Government, after approval of the Central Government or the State Government, as the case may be, shall not be liable to duty under this Act. Explanation.––For the purposes of this section, \"Government company\" shall have the same meaning as assigned to it in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013).'.","html":"<p>CHAPTER VI</p><p><b>MISCELLANEOUS</b></p><p>PART I</p><p>AMENDMENT TO THE INDIAN STAMP ACT, 1899</p><p><b>Insertion of new section 8G.</b></p><p><b>126. </b>In the Indian Stamp Act, 1899 (2 of 1899), after section 8F, the following section shall be inserted, namely:––</p><p>'8G. <i>Strategic sale, disinvestment, etc., of immovable property by Government company not liable to stamp duty</i>.—Notwithstanding anything contained in this Act or any other law for the time being in force, any instrument for conveyance or transfer of a business or asset or right in any immovable property from a Government company, its subsidiary, unit or joint venture,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>by way of strategic sale or disinvestment or demerger or any other scheme of arrangements or through any law, to another Government company or to the Central Government or any State Government or to the development financial institution established by any law made by Parliament; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>which is to be wound up, closed, struck-off, liquidated or otherwise shut down, to another Government company or to the Central Government or any State Government,</td></tr></table></div><p>after approval of the Central Government or the State Government, as the case may be, shall not be liable to duty under this Act.</p><p><i>Explanation.</i>––For the purposes of this section, \"Government company\" shall have the same meaning as assigned to it in clause (<i>45</i>) of section 2 of the Companies Act, 2013 (18 of 2013).'.</p>","words":226,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/126/","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."}