Clause 56 - Amendment of section 194-IA - Finance Bill, 2022

Amendment of section 194-IA. 56. In section 194-IA of the Income-tax Act, (i) in sub-section (1), after the words one per cent. of such sum , the words or the stamp duty value of such property, whichever is higher, shall be inserted; (ii) in sub-section (2), for the words immovable property is , the words immovable property and the stamp duty value of such property, are both, shall be inserted; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely: (c) stamp duty value shall have the same meaning as assigned to it in clause (f) of the Explanation to clause (vii) of sub-section (2) of section 56. .