Clause 25 - Amendment of section 50C - Finance (No. 2) Bill, 2009

Amendment of section 50C. 25. In section 50C of the Income-tax Act, with effect from the 1st day of October, 2009,— (a) for the words "or assessed" wherever they occur, the words "or assessed or assessable" shall be substituted; (b) in sub-section (2), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— 'Explanation 2.— For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.'.