Amendment of section 51
Section 21 of the Finance Act, 2014 deals with amendment of section 51. Amendment of section 51. 21. In section 51 of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:— "Provided that where any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset, ha
Amendment of section 51.
21. In section 51 of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:—
"Provided that where any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset, has been included in the total income of the assessee for any previous year in accordance with the provisions of clause (ix) of sub-section (2) of section 56, then, such sum shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 21, The Finance Act, 2014 (Act 25 of 2014).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 21
What does Section 21 of the Finance Act deal with?
Section 21 of the Finance Act is headed "Amendment of section 51". Amendment of section 51. 21. In section 51 of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:— "Provided that where any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset, ha
How do I find court cases under Section 21 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 2014 21, section 21 Finance Act 2014, section 21 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 21 of the Finance Act, and has it changed?
Its own text turns on section 51 (Substitution of new section for section 142A), section 56 (Amendment of section 194A), Income-tax Act 51 (Advance money received), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2014 as Act 25 of 2014. 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. THE FIRST SCHEDULE7973 words
- 2. Income-tax3522 words
- 114. Amendment of Act 32 of 19941078 words
- 3. Amendment of section 21041 words
- Seventh Schedule. THE SEVENTH SCHEDULE908 words
- 76. Substitution of new section for section 285BA878 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.