# The Finance Act, 1980, Section 38: Amendment of section 7

- Act: The Finance Act, 1980 (Act 44 of 1980)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1980/section/38/

## Text

Amendment of section 7 38. In section 7 of the Wealth-tax Act, in sub-section (3), the following Explanation shall be inserted, namely: — "Explanation.- For the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer shall be ignored for the purpose of determin ing the price such property would fetch if sold in the open market on the valuation date,". [Finance (No. 2) Act, 1980] © Copyright. Taxmann Publications Pvt. Ltd.

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.