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Section9
The Finance Act, 1972

Insertion of new section 54C

In force Act 16 of 1972 As on 15 Oct 2026

Act 16 of 1972 Ministry Finance Enacted 28 May 1972 Cited by 1 provision

Section 9 of the Finance Act, 1972 deals with insertion of new section 54C. Insertion of new section 54C. 9. In the Income-tax Act, after section 54B, the following section shall be inserted with effect from the 1st day of April, 1973, namely: — Capital gain on transfer of jewellery held for personal use not to be charged in certain cases. The Act was enacted on 28 May 1972.

Insertion of new section 54C.

9. In the Income-tax Act, after section 54B, the following section shall be inserted with effect from the 1st day of April, 1973, namely: —

Capital gain on transfer of jewellery held for personal use not to be charged in certain cases.

'54C. Where the capital gain arises from the transfer of a capital asset, being jewellery held for personal use by the assessee or any member of his family dependent on him, and the assessee has, with-in a period of' six months after such transfer, acquired any other jewellery for personal use by the assessee or any member of his, family dependent on him, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,—

(i) if the cost of the jewellery so acquired is not less than the full value of the consideration received or accruing in respect of the transferred jewellery, the whole of such capital gain shall not be charged under section 45; or

(ii) if the cost of the jewellery so acquired is less than the full value of the consideration received or accruing in respect of the transferred jewellery, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the jewellery so acquired bears to the full value of the consideration received or accruing in respect of the transferred jewellery shall not be charged under section 45.

Explanation.—For the purposes of this section, "jewellery" shall have the same meaning as is assigned to it in the Explanation to sub clause (ii) of clause (14) section 2.'.

[Finance Act, 1972]

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Section 9, The Finance Act, 1972 (Act 16 of 1972).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 2 Income-tax
  2. s. 45 Amendment of section 5

Referred to by 1

  1. Finance Act s. 7 Insertion of new section 54D

Questions about Section 9

What does Section 9 of the Finance Act deal with?

Section 9 of the Finance Act is headed "Insertion of new section 54C". Insertion of new section 54C. 9. In the Income-tax Act, after section 54B, the following section shall be inserted with effect from the 1st day of April, 1973, namely: — Capital gain on transfer of jewellery held for personal use not to be charged in certain cases.

How do I find court cases under Section 9 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1972 9, section 9 Finance Act 1972, section 9 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 9 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 45 (Amendment of section 5), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 9 of the Finance Act enacted?

Section 9 of the Finance Act, cited as Finance Act 1972 9, was enacted on 28 May 1972 as Act 16 of 1972. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.