Amendment of section 4
Section 57 of the Finance Act, 1996 deals with amendment of section 4. Amendment of section 4. 57. In section 4 of the Wealth-tax Act, with effect from the 1st day of April, 1997 for sub-section (7), the following sub-sections shall be substituted, namely:— "(7) Where the assessee is a member of a co-operative society, company or other association of persons and a buil
Amendment of section 4.
57. In section 4 of the Wealth-tax Act, with effect from the 1st day of April, 1997 for sub-section (7), the following sub-sections shall be substituted, namely:—
"(7) Where the assessee is a member of a co-operative society, company or other association of persons and a building or part there of is alloted or leased to him under a house building scheme of the society company or association, as the case may be, the assessee shall, notwithstanding anything contained in this Act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee; and, in determining the value of such building or part, the value of any outstanding instalments of the amount payable under such scheme by the assessee to the society, company or association towards the cost of such building or part and the land appurtenant thereto shall, whether the amount so payable is described as such or in any other manner in such scheme, be deducted as a debt owed by him in relation to such building or part.
(8) A person—
(a) who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882);
(b) who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269UA of the Income-tax Act,
shall be deemed to be the owner of that building or part thereof and the value of such building or part shall be included in computing the net wealth of such person'.
[Finance (No.
2) Act, 1996]
© Copyright. Taxmann Publications Pvt. Ltd.
Section 57, The Finance Act, 1996 (Act 33 of 1996).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 57
What does Section 57 of the Finance Act deal with?
Section 57 of the Finance Act is headed "Amendment of section 4". Amendment of section 4. 57. In section 4 of the Wealth-tax Act, with effect from the 1st day of April, 1997 for sub-section (7), the following sub-sections shall be substituted, namely:— "(7) Where the assessee is a member of a co-operative society, company or other association of persons and a buil
How do I find court cases under Section 57 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 1996 57, section 57 Finance Act 1996, section 57 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 57 of the Finance Act, and has it changed?
Its own text turns on section 4 (Amendment of section 10), Income-tax Act 269UA (Definitions), Transfer of Property Act 53A (Part performance), Wealth-tax Act 4 (Net wealth to include certain assets), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1996 as Act 33 of 1996. 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 Schedule4964 words
- 2. Income-tax1749 words
- 20. Insertion of new sections 54EA and 54EB1112 words
- 39. Insertion of new section 115JA964 words
- 4. Amendment of section 10695 words
- 34. Amendment of section 88644 words
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.