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Amendment of section 45.

Clause 22 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 22 - 22. In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 2018, na .....

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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; and for the purposes of section 48, the st .....

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or accruing as a result of the transfer of the capital asset: Provided that the provisions of this sub-section shall not apply where the assessee transfers his share in the project on or before the date of issue of said certificate of completion, and .....

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onsideration received or accruing as a result of such transfer. Explanation.-For the purposes of this sub-section, the expression- (i) competent authority means the authority empowered to approve the building plan by or under any law for the time bei .....

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land or building or both in such project, whether with or without payment of part of the consideration in cash; (iii) stamp duty value means the value adopted or assessed or assessable by any authority of Government for the purpose of payment of sta .....

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rgeable in the year in which transfer takes place except in certain cases as provided in the said section. It is proposed to insert a new sub-section (5A) in the said section so as to provide that where the Capital gains arises to an assessee being a .....

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completion for the whole or part of the project is issued by the competent authority. It is further proposed to provide that the stamp duty value of his share, being land or building or both, in the project on the date of issuing of said certificate .....

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