Bare Act Search Results

Income Tax Act, 1961 Section 56

Title: Income from Other Sources

State: Central

Year: 1961

.....that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of sub-clause (b) as they apply for valuation of capital asset under those section: Provided further that this clause shall not apply to any sum of money or any property received-- (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer or donor, as the case may be; or (e) from any local authority as defined in the Explanation to clause (20) of section 10; or (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or (g) from any trust or institution registered under section 12AA. .....

Finance (No. 2) Act 2009 Chapter III

Title: Direct Taxes

State: Central

Year: 2009

.....For the purposes of this sub-clause,-- (a) "specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme; (b) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (c) the value of any specified security or sweat equity shares shall be the fair market value of the specified security or sweat equity shares, as the case may be, on the date on which the option is exercised by the assessee as reduced by the amount actually paid by, or recovered from, the assessee in respect of such security or shares; (d) "fair market value" means the value determined in accordance with the method as may be prescribed; (e) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity.....

Finance (No. 2) Act 2009 Section 26

Title: Amendment of Section 56

State: Central

Year: 2009

In section 56 of the Income-tax Act, in sub-section (2),-- (a) with effect from the 1st day of October, 2009 -- (i) in clause (vi), after the words, figures and letters "on or after the 1st day of April, 2006", the words, figures and letters "but before the 1st day of October, 2009" shall be inserted; (ii) after clause (vi), the following clause shall be inserted, namely:-- '(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,-- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property,-- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration; (c) any property, other than immovable property,-- (i) without consideration, the aggregate fair market value of which exceeds fifty.....

Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter IV

Title: Assessment

State: Central

Year: 1958

.....for the assessment year commencing on the 1st day of April, 1989, and subsequent assessment years.] ____________________________ 1. Inserted by Act 4 of 1988, sec. 169 w.e.f. 1-4-1989. 2. Inserted by Act 36 of 1989, sec. 31 w.e.f. 1-4-1989. Section 15 - Assessment 1 [15. Assessment (1) (a) Where a return has been made under section 13 or section 14 or in response to a notice under clause (i) of sub-section (4),-- (i) if any tax or interest is found due on the basis of such return after adjustment of any amount paid by way of tax or interest, an intimation shall be sent to the assessee specifying the sum so payable and such intimation shall be deemed to be a notice issued under section 31 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee; Provided that in computing the tax or interest payable by, or refundable to the assessee, the following adjustments shall be made in the taxable gifts declared in the return, namely:-- (i) any arithmetical errors in the return, accounts or documents accompanying it shall be rectified ; (ii) any exemption or deduction,.....

Maharashtra Special Provision for Payment of Stamp Duty Act, 1974 Complete Act

State: Maharashtra

Year: 1974

.....to the following effect, after canceling such receipt or challan so that it cannot be used again namely :- "Stamp duty of Rs.____________paid in cash vide Receipt/challan No. ________________ dated _________________ (2) The instrument endorsed under sub-section (1) shall be deemed to be duly stamped and may also be used for the purposes of the said Stamp Act and rules made thereunder. Explanation:- For the purposes of this Section ˜Government Treasury' includes a Government Sub-Treasury, the General Stamp Office, Bombay, and any other place as the State Government may, by notification in the Official Gazette, appoint in this behalf. 3. Repeal of the Ord. of 1974 and saving :- (1) The Maharashtra Special Provision for Payment of Stamp Duty Ordinance, 1974 is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under this Act. Maharashtra State Acts

The Orissa Additional Stamp Duty Act, 1970 Complete Act

State: Orissa

Year: 1970

THE ORISSA ADDITIONAL STAMP DUTY ACT, 1970 THE ORISSA ADDITIONAL STAMP DUTY ACT, 1970 ORISSA ACT 32 OF 1970 CONTENTS PREAMBLE SECTIONS 1. Short title, extent and commencement 2. Definitions 3. Levy of surcharge 4. Application of the Indian Stamp Act, 1899 5. Repeal of Orissa Act 34 of 1962 SCHEDULE I SCHEDULE II [THE ORISSA ADDITIONAL STAMP DUTY ACT, 1970] [For Statement of Objects and Reasons see Orissa Gazette, Extraordinary dated the 28th September 1970 (No. 1263).] ORISSA ACT 32 OF 1970 [Received the assent of the President on the 18th November, 1970, first published in an extraordinary issue of the Orissa Gazette, dated the 18th December 1970.] AN ACT TO LEVY ADDITIONAL STAMP DUTY IN RESPECT OF CERTAIN INSTRUMENTS. Be it enacted by the Legislature of the State of Orissa in the Twenty-first Year of the Republic of India, as follows:- Short title, extent and commencement. 1 . (1) This Act may be called the Orissa Additional Stamp Duty Act, 1970. (2) It extends to the whole of the State of Orissa. (3) It shall come into force on such date as the State Government may, by [Came into force w.e.f. 1st February 1971, vide S.R.O......

The Punjab Exservicemen Corporation Act, 1978 Complete Act

State: Punjab

Year: 1978

.....or industrial produce whether in the primary form in semi-processed or processed form; (j) "prescribed" means prescribed by rules made under this Act; (k) "processing" means all activities relating to the processing of agricultural produce so as to make it marketable or fit for consumption and includes purchase and storage of raw material, purchase of equipment, and purchase, installation and running of machinery, required for processing and storage of finished produce; (l) "small-scale industry" means a cottage and small-scale industry and includes industry engaged in fabrication, repairs and maintenance of agricultural machinery and equipment, in which capital investment does not exceed five lacs of rupees; and (m) "supply and storage" means supply and storage of agricultural inputs and establishment, maintenance and running of storage, cold storages and warehouses. Section 3 - Establishment of Punjab Ex-Servicemen corporation (1) With effect from such date as the Government may, by notification, appoint, there shall be established for the purpose of this Act a Corporation to be known as the Punjab Ex-Servicemen Corporation. (2) The Corporation shall be a body corporate.....

The Punjab Women and Children Development and Welfare Corporation Act, 1979 Complete Act

State: Punjab

Year: 1979

.....THE PUNJAB WOMEN AND CHILDREN DEVELOPMENT AND WELFARE CORPORATION ACT, 1979 THE PUNJAB WOMEN AND CHILDREN DEVELOPMENT AND WELFARE CORPORATION ACT, 1979 [Act No. 19 of 1979] [November 28, 1979] PREAMBLE An Act to provide for the establishment of the Punjab Women and Children Development and Welfare Corporation. Be it enacted by the Legislature of the State of Punjab in the Thirtieth Year of the Republic of India, as follows :- Section 1 - Short title and commencement (1) This Act may be called the Punjab Women and Children Development and Welfare Corporation Act. 1979. (2) It shall be deemed to have come into force on the 10th day of October, 1979. Section 2 - Definitions In this Act, unless there is anything repugnant in the subject or context, - (a) "bank" means - (i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (Central Act 10 of 1949); (ii) the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1956); (iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959); (iv) a corresponding new bank.....

Finance Act, 1982 Section 39

Title: Substitution of New Section for Section 18a

State: Central

Year: 1982

In the Gift-tax Act, for section 18A, the following section shall be substituted with effect from the 1st day of April, 1983, namely :- "18A. Credit for stamp duty paid on instrument of gift. - Where any stamp duty has been paid under any law relating to stamp duty in force in any State on an instrument of gift of property, the assessee shall be entitled to a deduction from the gift-tax payable by him of an amount equal to the stamp duty so paid or one-half of the gift-tax payable, before making the deduction under this section, whichever is less.".

Gift Tax Act, 1958 Complete Act

State: Central

Year: 1958

.....shall be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture, abandonment of any debt, contract or other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the [Assessing officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested. 29[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his.....