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of <h1>Income-tax Rules Amended: New Sub-rule in Rule 8AA for Capital Assets Under Income Declaration Scheme 2016.</h1> The Income-tax (34th Amendment) Rules, 2016, effective from June 1, 2016, amends the Income-tax Rules, 1962. It introduces a new sub-rule in rule 8AA concerning capital assets declared under the Income Declaration Scheme, 2016. For immovable property, the holding period is determined from the acquisition date, provided it is registered with a State Government authority. For other assets, the holding period starts from June 1, 2016. This amendment is issued by the Central Board of Direct Taxes under the Ministry of Finance, Department of Revenue.
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