Whether Proposed Amendments in Finance Bill 2022 Address Inconsistency
Finance Bill, 2022 through clause no. 56 has sought to amend section 194IA as under:
“56. In section 194-IA of the Income-tax Act,–– (i) in sub-section (1), after the words “one per cent. of such sum”, the words “or the stamp duty value of such property, whichever is higher,” shall be inserted; (ii) in sub-section (2), for the words “immovable property is”, the words “immovable property and the stamp duty value of such property, are both,” shall be inserted; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:–– ‘(c) “stamp duty value” shall have the same meaning as assigned to it in clause (f) of the Explanation to clause (vii) of sub-section (2) of section 56.’.”
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