Amendment of section 50C
Section 31 of the Finance Act, 2016 deals with amendment of section 50C. Amendment of section 50C. 31. In section 50C of the Income-tax Act, in sub-section (1), the following provisos shall be inserted with effect from the 1st day of April, 2017, namely:— "Provided that where the date of the agreement fixing the amount of consideration and the date of registration for th The Act was enacted on 27 Jun 2016.
Amendment of section 50C.
31. In section 50C of the Income-tax Act, in sub-section (1), the following provisos shall be inserted with effect from the 1st day of April, 2017, namely:—
"Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer:
Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of the agreement for transfer.".
Section 31, The Finance Act, 2016.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 31
What does Section 31 of the Finance Act deal with?
Section 31 of the Finance Act is headed "Amendment of section 50C". Amendment of section 50C. 31. In section 50C of the Income-tax Act, in sub-section (1), the following provisos shall be inserted with effect from the 1st day of April, 2017, namely:— "Provided that where the date of the agreement fixing the amount of consideration and the date of registration for th
How do I find court cases under Section 31 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 2016 31, section 31 Finance Act 2016, section 31 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 31 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 50C (Special provision for full value of consideration in certain cases), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was Section 31 of the Finance Act enacted?
Section 31 of the Finance Act, cited as Finance Act 2016 31, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule21791 words
- Eighth Schedule. Eighth Schedule19903 words
- First Schedule. First Schedule8145 words
- 2. Income-tax3742 words
- 222. Insertion of new Chapter III F2100 words
- 70. Substitution of new section for section 1531931 words
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