Taxation of share premium: excess consideration on share issue in closely held companies treated as income. The amendment redefines 'relative' to include members of a Hindu undivided family for exemption under section 56, effective retrospectively, and adds a provision taxing as income from other sources any consideration received by a closely held company for issue of shares that exceeds fair market value, subject to an exception for venture capital undertakings and allowing the company to substantiate fair market value to the assessing officer; effective from the stated later date.