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Hindu Gains of Learning Act, 1930 Preamble 1

Title: Hindu Gains of Learning Act, 1930

State: Central

Year: 1930

HINDU GAINS OF LEARNING ACT, 1930 [Act, No. 30 of 1930] [25th July, 1930]

Hindu Gains of Learning Act, 1930 Section 3

Title: Gains of Learning Not to Be Held, Not to Be Separate Property of Acquirer Merely for Certain Reasons

State: Central

Year: 1930

Notwithstanding any custom, rule or interpretation of the Hindu law, no gains of learning shall be held not to be the exclusive and separate property of the acquirer merely by reason of-- (a) His learning having been, in whole or in part, imparted to him by any member, living or deceased, of his family, or with the aid of the joint funds of his family, or with the aid of the funds of any member thereof, or (b) Himself or his family having, while he was acquiring his learning, been maintained or supported, wholly or in part, by the joint funds of his family, or by the funds of any member thereof.

Hindu Gains of Learning Act, 1930 Complete Act

State: Central

Year: 1930

.....demoralising influence upon his character by inducing him to have recourse to dishonest subterfuges like benami transactions. Likewise, the present rule is not favourable to the growth of self-reliance among the dependent members of the family. In a rich family, it offers a premium to extravagance, idleness and perpetual discord. Its injustice is manifestly galling. Take, e.g., a case in which a father has three sons and incurs the same expenditure on their education. He sends them all to England to be educated for the 1.C.S. One is successful, the other two fail. Of the two who fail, one takes to trade, the other is unwilling to do any work and remains idle. The trader earns a large fortune, which the present law allows him to keep to himself, because his education in England was for the Civil Service and not for trade. But, out of the earnings of the Civilian, two shares are claimed, one by the trader and the other by the brother who has been idle. The trader keeps his own earnings and also takes a share of the Civilian's earnings. Take again a case in which three brothers are given by their father the same education for the same profession and at the same cost. Though they.....

Hindu Gains of Learning Act, 1930 Section 2

Title: Definitions

State: Central

Year: 1930

In this Act, unless there is anything repugnant in the subject or context, - (a) "Acquirer" means a member of a Hindu undivided family, who acquires gains of learning, (b) "Gains of learning" means all acquisitions of property made substantially by means of learning, whether such acquisitions be made before or after the commencement of this Act and whether such acquisitions be the ordinary or the extraordinary result of such learning: and (c) "Learning" means education, whether elementary, technical, scientific, special or general, and training of every kind which is usually intended to enable a person to pursue any trade, industry, profession or avocation in life.

Hindu Gains of Learning Act, 1930 Section 1

Title: Short Title and Extent

State: Central

Year: 1930

(1) This Act may be called the Hindu Gains of Learning Act, 1930. 1[(2) It extends to the whole of India except the State of Jammu and Kashmir.] ________________________ 1. Substituted by the Miscellaneous Personal Laws (Extension) Act, 1959 (Act 48 of 1959) w.e.f 01.02.1960.

Hindu Gains of Learning Act, 1930 Complete Act

Title: Hindu Gains of Learning Act, 1930

State: Central

Year: 1930

Preamble1 - HINDU GAINS OF LEARNING ACT, 1930 Section1 - Short title and extent Section2 - Definitions Section3 - Gains of learning not to be held, not to be separate property of acquirer merely for certain reasons Section4 - Savings

Hindu Gains of Learning Act, 1930 Section 4

Title: Savings

State: Central

Year: 1930

This Act shall not be deemed in any way to affect- (a) The terms or incidents of any transfer of property made or affected before the commencement of this Act; (b) The validity, invalidity, effect or consequences of anything already suffered or done before the commencement of this Act; (c) Any right or liability created under a partition, or an agreement for a partition, of joint family property made before the commencement of this Act, or (d) Any remedy or proceeding in respect of such right or liability; or to render invalid or in any way affect anything done before the commencement of this Act in any proceeding pending in a Court at such commencement; and any such remedy and any such proceeding as is herein referred to may be enforced, instituted or continued, as the case may be, as if this Act had not been passed.

Income Tax Act, 1961 Section 80IA

Title: Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc.

State: Central

Year: 1961

.....as may be prescribed,38 such profit shall not be liable to tax where the profit has been transferred to a special reserve account and the same is actually utilised for the highway project excluding housing and other activities before the expiry of three years following the year in which such amount was transferred to the reserve account; and the amount remaining unutilised shall be chargeable to tax as income of the year in which such transfer to reserve account took place. (7) 39[The deduction] under sub-section (1) from profits and gains derived from an 40[undertaking] shall not be admissible unless the accounts of the 40[undertaking] for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form41 duly signed and verified by such accountant. (8) Where any 42[goods or services] held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any 42[goods or services] held for the.....

Income Tax Act, 1961 Section 80IB

Title: Deduction in Respect of Profits and Gains from Certain Industrial Undertakings Other Than Infrastructure Development Undertakings

State: Central

Year: 1961

.....before the 31st day of May, 2008; and (iii) it begins refining not later than the 31st day of March, 2012. 24. Inserted by the Finance (No. 2) Act, 2009. 24a. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010. 25. Substituted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. Prior to substitution, sub-section (10), as amended by the Finance Act, 2000, with effect from 1st April, 2001 and the Finance Act, 2003, with retrospective effect from 1st April, 2002, stood as under: (10) The amount of profits in case of an undertaking developing and building housing projects approved before the 31st day of March, 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if, - (a) such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998; (b) the project is on the size of a plot of land which has a minimum area of one acre; and (c) the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the.....

Income Tax Act, 1961 Section 45

Title: Capital Gains

State: Central

Year: 1961

.....transfer took place and shall not be regarded as income of the depository who is deemed to be the registered owner of securities by virtue of sub-section (1) of section 10 of the Depositories Act, 1996, and for the purposes of - (i) section 48; and (ii) proviso to clause (42A) of section 2, the cost of acquisition and the period of holding of any securities shall be determined on the basis of the first-in-first-out method. Explanation: For the purposes of this sub-section, the expressions beneficial owner, depository and security shall have the meanings respectively assigned to them in clauses (a), (e) and (l ) of sub-section (1) of section 2 of the Depositories Act, 1996. (3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as.....