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of <h1>Finance Bill 2017 Amends Income-tax Act: New Tax Rules for Land Transfers Under Section 45(5A), Effective April 2018.</h1> Clause 22 of the Finance Bill, 2017 amends section 45 of the Income-tax Act by introducing sub-section (5A), effective April 1, 2018. This provision affects individuals and Hindu undivided families transferring land or buildings under a specified agreement. Capital gains from such transfers will be taxed in the year a completion certificate is issued by the competent authority. The stamp duty value, plus any cash consideration, will be considered the full value of the transfer. The sub-section does not apply if the transfer occurs before the completion certificate is issued. Definitions for 'competent authority,' 'specified agreement,' and 'stamp duty value' are included.
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