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of <h1>Deemed Income Rule Excludes Public Sector Shares from Gift Tax in Strategic Disinvestment, Effective April 2022.</h1> The Income-tax (28th Amendment) Rules, 2021, effective from April 1, 2022, amends the Income-tax Rules, 1962. It specifies that deemed income or gift provisions under Section 56(2)(x) do not apply to equity shares of public sector companies received from the Central or State Government through strategic disinvestment. This amendment is applicable for the assessment year 2022-23 and subsequent years. The term 'strategic disinvestment' is defined as per Section 72A of the Income-tax Act, 1961.
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