Amendment of section 43CA

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 12 of the Finance Act, 2021 deals with amendment of section 43CA. Amendment of section 43CA. 12. In section 43CA of the Income-tax Act,— (a) | in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— 'Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect

Amendment of section 43CA.
12. In section 43CA of the Income-tax Act,—
(a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:—
'Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect as if for the words "one hundred and ten per cent", the words "one hundred and twenty per cent" had been substituted, if the following conditions are satisfied, namely:—
(i) the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021;
(ii) such transfer is by way of first time allotment of the residential unit to any person; and
(iii) the consideration received or accruing as a result of such transfer does not exceed two crore rupees.';
(b) after sub-section (4), the following Explanation shall be inserted, namely:—
'Explanation.—For the purposes of this section, "residential unit" means an independent housing unit with separate facilities for living, cooking and sanitary requirement, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of another household.'.
Section 12, The Finance Act, 2021.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 43CA Special provision for full value of consideration for transfer of assets other than capital assets in certain cases

Referred to by 1

s. 159 Amendment of Act 15 of 1992

Questions about Section 12

What does Section 12 of the Finance Act deal with?

Section 12 of the Finance Act is headed "Amendment of section 43CA". Amendment of section 43CA. 12. In section 43CA of the Income-tax Act,— (a) | in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— 'Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect

How do I find court cases under Section 12 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 2021 12, section 12 Finance Act 2021, section 12 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 12 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 43CA (Special provision for full value of consideration for transfer of assets other than capital assets in certain cases), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2021. 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

Fourth Schedule. Fourth Schedule26628 words
First Schedule. First Schedule9574 words
2. Income-tax5993 words
6. Amendment of section 103582 words
130. Substitution of new section for section 43513 words
131. Substitution of new section for section 52699 words

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(a)		in sub-section (1), after the proviso, the following proviso shall be inserted, namely:—
		'Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect as if for the words "one hundred and ten per cent", the words "one hundred and twenty per cent" had been substituted, if the following conditions are satisfied, namely:—

(i)		the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021;
(ii)		such transfer is by way of first time allotment of the residential unit to any person; and
(iii)		the consideration received or accruing as a result of such transfer does not exceed two crore rupees.';

(b)		after sub-section (4), the following Explanation shall be inserted, namely:—
		'Explanation.—For the purposes of this section, "residential unit" means an independent housing unit with separate facilities for living, cooking and sanitary requirement, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of another household.'.