TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... 0CCD, on partial withdrawal made out of his account in accordance with the terms and conditions, specified under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and the regulations made thereunder, to the extent it does not exceed twenty five per cent. of the amount of contributions made by him; ; (c) in clause (23C),- (I) after sub-clause (iiiaaa), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely:- (iiiaaaa) the Chief Minister s Relief Fund or the Lieutenant Governor s Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G; or ; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of the Andhra Pradesh Capital Region Development Authority Act, 2014 (Andhra Pradesh Act 11 of 2014) and the rules, regulations and Schemes made under the said Act. Explanation.-For the purposes of this clause, specified capital asset means,- (a) the land or building or both owned by the assessee as on the 2nd day of June, 2014 and which has been transferred under the scheme; or (b) the land pooling ownership certificate issued under the scheme to the assessee in respect of land or building or both referred to in clause (a); or (c) the reconstituted plot or land, as the case may be, received by the assessee in lieu of land or building or both referred to in clause (a) in accordance with the scheme, if such plot or land, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained in the said section provide that in computing the total income of a previous year of any person, certain categories of income shall not be included in total income. Further, sub-clause (ii) of clause (4) of the said section refers to any income of an individual by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Management Act, 1999 (42 of 1999), and the rules made thereunder. The proviso to the said sub-clause refers individual to be a person resident outside India, as defined in clause (q) of section 2 of Act 46 of 1973, which stands repealed and re-enacted as Act 42 of 1999. The definition of person outside India is occurring in cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elief Fund referred to in subclause (iiihf) of clause (a) of sub-section (2) of section 80G, are not exempt under the said clause (23C). It is further proposed to insert a new sub-clause (iiiaaaa) in clause (23C) so as to provide the benefit of exemption also to the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund. This amendment will take effect retrospectively from 1st April, 1998, the date on which sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G relating to deduction in any sum paid to the Chief Minister's and Lieutenant Governor's Relief Fund came into force, and will, accordingly, apply in relation to assessment year 1998-1999 and subsequent years. Clause (23C) of said se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulations and schemes made under the said Act, shall not be included in the total income of the assessee. It is also proposed to clarify the term specified capital asset in this regard. This amendment will take effect retrospectively from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-2016 and subsequent years. Clause 38 of the said section, inter alia, provides for an exemption from tax on the income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, where such transaction is chargeable to securities transaction tax under Chapter VII of the Finance (No.2) Act, 2004. It is proposed to a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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