TaxTMI 
TaxTMI 
Amendment of section 2
X X X X Extracts X X X X
X X X X Extracts X X X X
....,-- (A) for the words in the opening portion ' "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include-- (i) any stock-in-trade', the following shall be substituted, namely:-- ' "capital asset" means-- (a) property of any kind held by an assessee, whether or not connected with his business or profession; Amendment of section 2. 15 of 1992. (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992, [15 of 1992]but does not include-- (i) any stock-in-trade [other than the securities referred to in sub-claus....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ointed to be a Director General of Income-tax or a Principal Director General of Income-tax or, as the case may be, a Director of Income-tax or a Principal Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an Additional Director of Income-tax or a Joint Director of Income-tax or an Assistant Director or Deputy Director of Income-tax;'; (VI) in clause (24), after sub-clause (xvi), the following sub-clause shall be inserted with effect from the 1st day of April, 2015, namely:-- "(xvii) any sum of money referred to in clause (ix) of sub-section (2) of section 56;"; (VII) after clause (34), the following clauses shall be inserted and shall be deemed to have been inse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee;"; (C) after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April, 2015, namely:-- 'Explanation 4.--For the purposes of this clause, the expression "equity oriented fund" shall have the meaning assigned to it in the Explanation to clause (38) of section 10; - Clause 3 of the Bill seeks to amend section 2 of the Income- tax Act relating to definitions. It is proposed to amend the said section so as to insert a new clause (13A) to define "business trust" to mean a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ector of Income-tax" to mean a person appointed to be an income-tax authority under section 117 of the Act. These amendments will take effect retrospectively from 1st June, 2013. The existing provisions contained in clause (24) of section 2 defines the term "income". It is proposed to amend the said clause (24) so as to include any sum of money referred to in clause (ix) of sub-section (2) of section 56 in the definition of income. This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years. The existing provisions contained in clause (42A) of section 2 provide that short-term capital asset means a capital asset held by an assessee for not more tha....