India - Income Tax Act 2010 - Saarc

S. 57 I.T. ACT, 1961 1.352(f) “stamp duty value” means the value adopted or assessed orassessable by any authority of the Central Government or a StateGovernment for the purpose of payment of stamp duty in respectof an immovable property;]38g[(viia) where a firm or a company not being a company in which the publicare substantially interested, receives, in any previous year, from anyperson or persons, on or after the 1st day of June, 2010, any property,being shares of a company not being a company in which the publicare substantially interested,—(i) without consideration, the aggregate fair market value of whichexceeds fifty thousand rupees, the whole of the aggregate fairmarket value of such property;(ii) for a consideration which is less than the aggregate fair marketvalue of the property by an amount exceeding fifty thousandrupees, the aggregate fair market value of such property as exceedssuch consideration :Provided that this clause shall not apply to any such property receivedby way of a transaction not regarded as transfer under clause (via) orclause (vic) or clause (vicb) or clause (vid) or clause (vii) of section 47.Explanation.—For the purposes of this clause, “fair market value” of aproperty, being shares of a company not being a company in which thepublic are substantially interested, shall have the meaning assigned toit in the Explanation to clause (vii);]39[(viii) income by way of interest received on compensation or on enhancedcompensation referred to in clause (b) of section 145A.]Deductions.4057. The income chargeable under the head “Income from other sources” shallbe computed after making the following deductions, namely :—(i) in the case of dividends, 41 [other than dividends referred to in section115-O,] 42 [or interest on securities], any reasonable sum paid by wayof commission or remuneration to a banker or any other person forthe purpose of realising such dividend 43 [or interest] on behalf of theassessee ;44[(ia) in the case of income of the nature referred to in sub-clause (x) ofclause (24) of section 2 which is chargeable to income-tax under thehead “Income from other sources”, deductions, so far as may be, in38g. Inserted by the Finance Act, 2010, w.e.f. 1-6-2010.39. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.40. See also Circular No. 156, dated 23-12-1974, Circular No. 594, dated 27-2-1991, CircularNo. 648, dated 30-3-1993 and Circular No. 677, dated 28-1-1994. For details, see Taxmann’sMaster Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.41. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.42. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989.43. Inserted, ibid.44. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.