# The Finance Act, 2000, Section 22: Amendment of section 48

- Act: The Finance Act, 2000
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2000/section/22/

## Text

Amendment of section 48. 22. In section 48 of the Income-tax Act,— (i) after the third proviso but before the Explanation, the following shall be inserted with effect from the 1st day of April, 2001, namely:— "Provided also that where shares, debentures or warrants referred to in the proviso to clause (iii) of section 47 are transferred under a gift or an irrevocable trust, the market value on the date of such transfer shall be deemed to be the full value of consid­eration received or accruing as a result of transfer for the purposes of this section."; (ii) in the Explanation, for clause (v), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1993, namely:— ‘(v) "Cost Inflation Index", in relation to a previous year, means such Index as the Central Government may, having regard to seventy-five per cent of average rise in the Consumer Price Index for urban non-manual employees for the immediately preceding previous year to such previous year, by notification in the Official Gazette, specify, in this behalf.’. © Copyright. Taxmann Publications Pvt. Ltd.

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