# The Finance Act, 1996, Section 50: Amendment of section 199

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/50/

## Text

Amendment of section 199. 50. In section 199 of the Income-tax Act, with effect from the 1st day of April, 1997,— (i) for the words "owner of the security", the words "owner of the security, or depositor or owner of property or of unit-holder" shall be substituted; (ii) in the first proviso, for the word "owner", the words "owner or depositor or unit-holder" shall" be substituted; (iii) for the second proviso, the following proviso shall be substituted, namely:— "Provided further that where any property, deposit, security, unit or share is owned jointly by two or more persons not constituting a partnership, the payment shall be deemed to have been made on behalf of, and credit shall be given to, each such person in the same proportion in which rent, interest on deposit or on security or income in respect of unit or dividend on share is assessable as his income.". [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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