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of <h1>Finance Bill 2012 Amends Section 56: Redefines 'Relative' and Introduces New Clause for Share Issuance Taxation</h1> Clause 21 of the Finance Bill, 2012 amends section 56 of the Income-tax Act concerning income from other sources. It revises the definition of 'relative' for tax purposes, effective retroactively from October 1, 2009, to include sums or property received by a Hindu undivided family from its members. Additionally, a new clause (viib) is introduced, effective April 1, 2013, taxing excess consideration received by certain companies for share issuance over the fair market value, excluding venture capital transactions. Companies can justify the fair market value to the Assessing Officer. This applies from the assessment year 2013-2014 onward.
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