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Relief and Welfare Measures- DIRECT TAXES

F - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2016 - Bill - F - F. Relief and Welfare Measures Provision for Tax benefits to Sovereign Gold Bond Scheme, 2015 and Rupee Denominated Bonds (i) Sovereign Gold Bond Scheme, 2015 The Government of India has introduced the Sovereign Gold Bond Scheme with the aim of reducing the demand for physical gold so as to reduce the outflow of foreign exchange on account of import of gold. The Gold Bond is a mode for substitution of physical .....

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ction 48 of the Income-tax Act, so as to provide indexation benefits to long terms capital gains arising on transfer of Sovereign Gold Bond to all cases of assessees. This amendment is proposed to be made effective from the 1st day of April, 2017 and shall accordingly apply in relation to assessment year 2017-18 and subsequent assessment years. [Clause 28 & 29] (ii) Rupee Denominated Bond The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outs .....

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t is proposed to be made effective from the 1st day of April, 2017 and shall accordingly apply in relation to assessment year 2017-18 and subsequent assessment years. [Clause 29] Consolidation of 'plans' within a 'scheme' of mutual fund Under the existing provisions of section 47(xviii), any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital asset .....

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by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund shall not be considered transfer for capital gain tax purposes and thereby shall not be chargeable to tax. This amendment will take effect from 1st April, 2017 and will accordingly apply in relation to assessment year 2017-18 and .....

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h excess expenditure does not exceed two thousand rupees per month or twenty-five per cent of his total income for the year, whichever is less, subject to other conditions as prescribed therein. In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing ₹ 2000 per month to ₹ 5000 per month. These amendments are proposed to be made effective from the 1st day of April, 2017 and shall accor .....

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x benefits to the scheme as were available to the Gold Deposit Scheme, 1999 it is proposed to amend Clause (14) of section 2, so as to exclude Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, from the definition of capital asset and thereby to exempt it from capital gains tax. It is also proposed to amend clause (15) of section 10 so as to provide that the interest on Deposit Certificates issued under the Scheme, shall be exempt from income-tax .....

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77; 50,000 is received by an assessee being an individual or an Hindu undivided family (HUF). The provisions also apply where shares of a company are received as a consequence of demerger or amalgamation of a company. Such a transaction is not regarded as transfer where the recipient is a firm or a company. With a view to bring uniformity in tax treatment, it is proposed to amend the Act so as to provide that any shares received by an individual or HUF as a consequence of demerger or amalgamatio .....

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n amount of two thousand rupees, whichever is less, from the amount of income-tax to an individual resident in India whose total income does not exceed five hundred thousand rupees. With the objective to provide relief to resident individuals in the lower income slab, it is proposed to amend section 87A so as to increase the maximum amount of rebate available under this provision from existing ₹ 2,000 to ₹ 5,000. This amendment will take effect from 1st April, 2017 and will according .....

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n amount of two lakh rupees shall be allowed where a house property referred to in sub-section (2) of section 23 (self-occupied house property) has been acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed. In view of the fact that housing projects often take longer time for completion, it is proposed that second proviso of clause ( .....

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