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Notice of Amendments - THE FINANCE BILL, 2018

News and Press Release - Dated:- 15-3-2018 - LOK SABRA THE FINANCE BILL, 2018 [As introduced in Lok Sabha) Notice of Amendments SHRI ARUN JAITLEY: 1. Page 6, for line 41 and 42, substitute- (ii) in clause (42A),- (A) in Explanation 1, in clause (i), after sub-clause (b), the following sub-clause shall be interested, namely:- . 2. Page 6, after line 44, insert- (B) in Explanation 4 for, the words, brackets and figures the Explanation to clause (38) of section 10 , the words, brackets, letters and .....

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of section 43 12. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2019,- (i) in clause (l), after Explanation 1, the following Explanation shall be inserted, namely:- Explanation 1A.-Where a capital asset referred to in clause (via) of section 28 is used for the purposes of business or profession, the actual cost of such assest to the assessee shall be the fair market value which has been taken into account for the purposes of the said clause. ; (ii) in clause (5), a .....

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fund or a unit of a business trust referred to in section 112A: .'. 6. Page 10, after line 22, (aa) in sub-section (2), before the Explanation, the following proviso shall inserted, namely:- Provided that in the case of long-term specified asset referred to in (ii) of clause (ba) of the Explanation occurring after sub-section (3), this sub-section shall have effect as if for the words three years the words five years had been substituted. . . 7. Page 10, after line 34, Insert- Amendment of s .....

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lower of- (A) the fair market value of such asset; and (B) the full value of consideration received or accruing as a result of the transfer of the capital asset. Explanation-For the purposes Of this clause,- (a) fair market value means,- (i) in a case where the capital asset is listed on any recognised stock exchange as on the 31st day of January, 2018, the highest price of the capital asset quated on such exchange on the said date: Provided that where there is no trading in such asset on such e .....

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(A) not listed on a recognised stock exchange as on the 31st day of January, 2018 but listed on such exchange on the date of transfer; (B) listed on a recognised stock exchange on the date of transfer and which became the prperty of the assessee in consideration of share which is not listed on such exchange as on the 31st day of January, 2018 by way of transaction not regarded as transfer under section 47, an amount which bears to the cost of acquisition the same proportion as Cost Inflation In .....

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- (ii) in sub-clause for the words, figures and letters in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021 , the words, brackets and figure in the previous year relevant to the assessment year for which deduction under sub-section (1) is claimed shall be substituted.'. 9. Page 13, for lines 42 and 43, substitute- (ii) the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains re .....

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