# The Finance Act, 2003, Section 31: Amendment of section 55

- Act: The Finance Act, 2003
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2003/section/31/

## Text

Amendment of section 55. 31. In section 55 of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2004,— (a ) in clause (ab), for the word "corporatisation", the words "demutua-lisation or corporatisation" shall be substituted; (b ) after clause (ab), the following proviso shall be inserted, namely:— " Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock exchange acquired by a shareholder who has been allotted equity share or shares under such scheme of demutualisation or corporatisation, shall be deemed to be nil;". © Copyright. Taxmann Publications Pvt. Ltd.

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