Amendment of section 45
Section 15 of the Finance Act, 1990 deals with amendment of section 45. Amendment of section 45 15. In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 1991, namely:— '(6) Notwithstanding anything contained in sub-section (1), the difference between the
Amendment of section 45
15. In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 1991, namely:—
'(6) Notwithstanding anything contained in sub-section (1), the difference between the repurchase price of the units referred to in sub-section (2) of section 80CCB and the capital value of such units shall be deemed to be the capital gainsi arising to the assessee in the previous year in which such repurchase takes place or the plan referred to in that section is terminated and shall be taxed accordingly.
Explanation .—For the purposes of this sub-section, "capital value of such units" means any amount invested by the assessee in the units referred to in sub-section (2) of section 80CCB'.
[Finance Act, 1990]
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Section 15, The Finance Act, 1990 (Act 12 of 1990).
Cross-references
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This section refers to
Referred to by 2
Questions about Section 15
What does Section 15 of the Finance Act deal with?
Section 15 of the Finance Act is headed "Amendment of section 45". Amendment of section 45 15. In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 1991, namely:— '(6) Notwithstanding anything contained in sub-section (1), the difference between the
How do I find court cases under Section 15 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 1990 15, section 15 Finance Act 1990, section 15 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 15 of the Finance Act, and has it changed?
Its own text turns on section 45 (Amendment of section 271D), Income-tax Act 45 (Capital gains), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1990 as Act 12 of 1990. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7036 words
- 30. Amendment of Chapter VIII3504 words
- 2. Income-tax2182 words
- 10. Substitution of new section for section 33AB1340 words
- 26. Substitution of new section for section 80M446 words
- 54. Amendment of section 16432 words
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