Section 14 of Finance Act 2018
[Section 14 of Finance Act 2018 deals with Amendment of section 43CA. and is covered in CHAPTER III DIRECT TAXES]
Amendment of section 43CA.
14. In section 43CA of the Income-tax Act, with effect from the 1st day of April, 2019,—
|(a)||in sub-section (1), the following proviso shall be inserted, namely:—|
|“Provided that where the value adopted or assessed or assessable by the authority for the purpose of payment of stamp duty does not exceed one hundred and five per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration.”;|
|(b)||in sub-section (4), for the words “by any mode other than cash”, the words “by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account” shall be substituted.|