Amendment of section 45.
20. In section 45 of the Income-tax Act, in sub-section (5A), for the words “the consideration received in cash, if any,”, the words “any consideration received in cash or by a cheque or draft or by any other mode” shall be substituted with effect from the 1st day of April, 2024.
Notes on Clauses:
Clause 20 of the Bill seeks to amend section 45 of the Income-tax Act relating to capital gains.
Sub-section (5A) of the said section, inter alia, provides that on the capital gain arising to an assessee, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority. Further, for computing the capital gains amount on this transaction, the full value of consideration shall be taken as the stamp duty value of his share, as increased by the consideration received in cash.
It is proposed to include consideration received by cash or by a cheque or draft or by any other mode shall be deemed to be full value of consideration of the capital asset as a result of the transfer of the capital asset.
This amendment will take effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years.