Definition of business trust and capital asset amended to include listed business trusts and FII-held securities, altering holding-period rules. Section 2 is amended to add a definition of business trust (registered IIT/REIT with listed units), to expand capital asset to include securities held by a Foreign Institutional Investor, to revise and add definitions of income tax authorities appointed under section 117, to include certain monetary receipts in the definition of income, and to amend short term capital asset holding period rules and related explanations for listed securities, equity oriented fund units and units allotted on transfer of shares; specified effective dates are provided for each amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Definition of business trust and capital asset amended to include listed business trusts and FII-held securities, altering holding-period rules.
Section 2 is amended to add a definition of business trust (registered IIT/REIT with listed units), to expand capital asset to include securities held by a Foreign Institutional Investor, to revise and add definitions of income tax authorities appointed under section 117, to include certain monetary receipts in the definition of income, and to amend short term capital asset holding period rules and related explanations for listed securities, equity oriented fund units and units allotted on transfer of shares; specified effective dates are provided for each amendment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
