Amendment of section 56.

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.... namely:-- '(xii) any sum received by a unit holder from a business trust which-- (a) is not in the nature of income referred to in clause (23FC) or clause (23FCA) of section 10; and (b) is not chargeable to tax under sub-section (2) of section 115UA: Provided that where the sum received by a unit holder from a business trust is for redemption of unit or units h....

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....er as may be prescribed. Explanation.-For the purposes of this clause "unit linked insurance policy" shall have the meaning assigned to it in Explanation 3 to clause (10D) of section 10.'. - Clause 32 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Sub-section (2) of the said section provides for incomes that are chargeable t....

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....urther proposed to insert a new clause (xii) in the said sub-section (2) to provide that income chargeable to income-tax under the head "income from other sources" shall also include any sum received by a unit holder from a business trust which-- (a) is not in the nature of income referred to in clause (23FC) or clause (23FCA) of section 10; and (b) is not chargeable to tax under....

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.... excluded from the total income of the previous year in accordance with the provisions of clause (10D) of section 10, the sum so received as exceeds the aggregate of the premium paid, during the term of such life insurance policy, and not claimed as deduction in any other provision of the Act, computed in the manner as may be provided by rules shall be chargeable to income-tax under the head "Inco....