Amendment of section 45
Section 32 of the Finance Act, 1999 deals with amendment of section 45. Amendment of section 45. 32. In section 45 of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted with effect from the 1st day of April, 2000, namely :— ‘(1A) Notwithstanding anything contained in sub-section (1), where any person receives at any time during any pr
Amendment of section 45.
32. In section 45 of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted with effect from the 1st day of April, 2000, namely :—
‘(1A) Notwithstanding anything contained in sub-section (1), where any person receives at any time during any previous year any money or other assets under an insurance from an insurer on account of damage to, or destruction of, any capital asset, as a result of—
(i ) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or
(ii ) riot or civil disturbance; or
(iii ) accidental fire or explosion; or
(iv ) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war),
then, any profits or gains arising from receipt of such money or other assets shall be chargeable to income-tax under the head "Capital gains" and shall be deemed to be the income of such person of the previous year in which such money or other asset was received and for the purposes of section 48, value of any money or the fair market value of other assets on the date of such receipt shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset.
Explanation.—For the purposes of this sub-section, the expression "insurer" shall have the meaning assigned to it in clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938).’.
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Section 32, The Finance Act, 1999.
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Questions about Section 32
What does Section 32 of the Finance Act deal with?
Section 32 of the Finance Act is headed "Amendment of section 45". Amendment of section 45. 32. In section 45 of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted with effect from the 1st day of April, 2000, namely :— ‘(1A) Notwithstanding anything contained in sub-section (1), where any person receives at any time during any pr
How do I find court cases under Section 32 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 1999 32, section 32 Finance Act 1999, section 32 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 32 of the Finance Act, and has it changed?
Its own text turns on section 45 (Amendment of section 80HHB), section 48 (Amendment of section 80HHE), Income-tax Act 45 (Capital gains), Insurance Act 2 (Definitions), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1999. 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
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
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