https://www.taxtmi.com/acts?id=39337 A new sub-section deems amounts received under certain non-exempt unit linked insurance policies, including bonuses, to be income chargeable under the head "Capital gains", with taxable income calculated as prescribed. Sub-section (4) is substituted and sub-section (4A) inserted to treat assets or money received on dissolution or reconstitution of non-company/non-cooperative entities as capital gains of the entity: fair market value (or money value) on receipt is deemed full consideration, the capital account balance is treated as cost of acquisition, and increases from revaluation or self-generated goodwill/assets are excluded. en-us Mon, 01 Feb 2021 16:40:57 +0530 Mon, 01 Feb 2021 16:40:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39337 A new sub-section deems amounts received under certain non-exempt unit linked insurance policies, including bonuses, to be income chargeable under the head "Capital gains", with taxable income calculated as prescribed. Sub-section (4) is substituted and sub-section (4A) inserted to treat assets or money received on dissolution or reconstitution of non-company/non-cooperative entities as capital gains of the entity: fair market value (or money value) on receipt is deemed full consideration, the capital account balance is treated as cost of acquisition, and increases from revaluation or self-generated goodwill/assets are excluded. Act-Rules Bills Mon, 01 Feb 2021 16:40:57 +0530 https://www.taxtmi.com/acts?id=39337