'Provided that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,—
(a) the provisions of this sub-section shall have effect as if for the words "one residential house in India", the words "two residential houses in India" had been substituted;
(b) any reference in this sub-section and sub-section (2) to "new asset" shall be construed as a reference to the two residential houses in India:
Provided further that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.'.
7. In section 80-IBA of the Income-tax Act, in sub-section (2), in clause (a), for the figures "2019", the figures "2020" shall be substituted with effect from the 1st day of April, 2020.
8. In section 87A of the Income-tax Act, with effect from the 1st day of April, 2020,—
(a) for the words "three hundred fifty thousand", the words "five hundred thousand" shall be substituted;
(b) for the words, "two thousand and five hundred", the words "twelve thousand and five hundred" shall be substituted.
9. In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words "ten thousand" wherever they occur, the words "forty thousand" shall be substituted.
10. In section 194-I of the Income-tax Act, in the first proviso, for the words "one hundred and eighty thousand rupees", the words "two hundred and forty thousand rupees" shall be substituted.
CHAPTER IV MISCELLANEOUS
PART I AMENDMENTS TO THE INDIAN STAMP ACT, 1899
11. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
12. In section 2 of the Indain Stamp Act, 1899 (hereafter in this Part referred to as the principal Act),—
(a) for clause (1), the following clauses shall be substituted, namely:— '(1) "allotment list" means a list containing details of allotment of the securities intimated by the issuer to the depository under sub-section (2) of section 8 of the Depositories, Act, 1996;
(1A) "banker" includes a bank and any person acting as a banker;';
(b) in clause (5), the following long line shall be added at the end, namely:— "but does not include a debenture;";
(c) after clause (7), the following clauses shall be inserted, namely:— '(7A) "clearance list" means a list of transactions of sale and purchase relating to contracts traded on the stock exchanges submitted to a clearing Amendment of section 54.
Amendment of section 80-IBA.
Amendment of section
87A.
Amendment of section
194A.
Amendment of section 194-I..
Commencement of this Part.
Amendment of section 2.
2 of 1899.
22 of 1996.
1 0 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— corporation in accordance with the law for the time being in force in this behalf;
(7B) "clearing corporation" means an entity established to undertake the activity of clearing and settlement of transactions in securities or other instruments and includes a clearing house of a recognised stock exchange;';
(d) after clause (10), the following clauses shall be inserted, namely:— '(10A) "debenture" includes—
(i) debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not;
(ii) bonds in the nature of debenture issued by any incorporated company or body corporate;
(iii) certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time;
(iv) securitised debt instruments; and
(v) any other debt instuments specified by the Securities and Exchange Board of India from time to time;
(10B) "depository" includes—
(a) a depository as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996; and
(b) any other entity declared by the Central Government, by notification in the Official Gazette, to be a depository for the purposes of this Act;';
(e) in clause (12), the words and figures "and includes attribution of electronic record within the meaning of section 11 of the Information Technology Act, 2000" shall be inserted at the end.
(f) for clause (14), the following clause shall be substituted, namely:— '(14) "instrument" includes—
(a) every document, by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded;
(b) a document, electronic or otherwise, created for a transaction in a stock exchange or depository by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded; and
(c) any other document mentioned in Schedule I, but does not include such instruments as may be specified by the Government, by notification in the Official Gazette;';
(g) after clause (15), the following clause shall be inserted, namely:— '(15A) "issuer" means any person making an issue of securities;';
(h) for clause (16A), the following clauses shall be substituted, namely:— '(16A) "marketable security" means a security capable of being traded in any stock exchange in India;
(16B) "market value", in relation to an instrument through which—
(a) any security is traded in a stock exchange, means the price at which it is so traded;
22 of 1996.
21 of 2000.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11
(b) any security which is transferred through a depository but not traded in the stock exchange, means the price or the consideration mentioned in such instrument;
(c) any security is dealt otherwise than in the stock exchange or depository, means the price or consideration mentioned in such instrument;';
(i) after clause (23), the following clause shall be inserted, namely:— '(23A) "securities" includes—
(i) securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956;
(ii) a "derivative" as defined in clause (a) of section 45U of the Reserve Bank of India Act, 1934;
(iii) a certificate of deposit, commercial usance bill, commercial paper, repo on corporate bonds and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time; and
(iv) any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act;';
(j) after clause (26), the following clause shall be inserted, namely:— '(27) "stock exchange" includes—
(i) a recognised stock exchange as defined in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; and
(ii) such other platform for trading or reporting a deal in securities, as may be specified by the Central Government, by notification in the Official Gazette, for the purposes of this Act.'.