Amendment of section 56.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 held by him, the sum so received shall be reduced by the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 to income tax under the head "Income from other sources". The provisions of clause (viib) of sub-sec....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 sub-section (2) of section 115UA. It is also proposed to insert a proviso to the said clause (xii) of the said sub-sec....