THE GAZETTE OF INDIAEXTRAORDINARY

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Parent: THE INDIAN STAMP ACT, 1899 (2 of 1899) (1f44732fb452f662c9a894a1100bb3fc9c500bc1)

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SEc. 1] THE GAZETTE OF INDIAEXTRAORDINARY Provided also that the aggregate of the amounts of deduction under the first and second provisos shall not exceed two lakh rupees 6. In section 54 of the Income-tax Act, in sub-section ( 1) , after clause (ii) , the following provisos shall be inserted with effect from the lst day of April, 2020, namely: '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, 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 reference t0 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 t0 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 (@), for the figures 2019" the figures 2020" shall be substituted with effect from the Ist day of April, 2020. 8. In section 87A of the Income-tax Act; with effect from the Ist day of April, 2020, 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_ Amendment of section 54. Amendment of section 80-IBA. Amendment of section 87A 9. In section 194Aof the Income-tax Act, in sub-section (3), in clause (i) , for the words "ten thousand" wherever they 

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9 · In section 194Aof 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.

2 · of 1899_

22 · of 1996_

22 · of 1996.

21 · of 2000.

42 · of 1956.

2 · of 1934_

42 · of 1956_

22 · of 1996_

15 · In Chapter Il ofthe principal Act, after PartA relating to 'Of the liability of instruments to duty' , the following Part shall be inserted, namely= 'AA. Of the liability of instruments of transaction in stock exchanges and depositories to duty Instruments 9A. (1) Notwithstanding anything contained in this Act; chargeable with duty for when the sale of any securities, whether delivery based O1 transactions otherwise, is made through a stock exchange, the stamp-duty on each in stock such sale in the clearance list shall be collected on behalf of the State exchanges and Government by the stock exchange O clearing corporation authorised depositories_ by it, from its buyer on the market value of such securities at the time of settlement of transactions in securities of such buyer; in such manner as the Central Government may; by rules, provide; b) when any transfer of securities for consideration, whether delivery based or otherwise, is made by depository otherwise than on the basis of any transaction referred to in clause (a), the stamp-duty on such transfer shall be collected on behalf of the State Government by the depository from the transferor of such securities on the consideration amount specified therein; in such manner as the Central Government may; by rules, provide; (c) when pursuant to issue of securities, any creation or change in the records of depository is made, the stamp-duty on the allotment list shall be collected on behalf of the State Government by the depository from the issuer of securities on the total market value of the securities aS contained in such list, in such manner as the Central Government may, by rules, provide. (2) Notwithstanding anything contained in this Act; the instruments referred t0 in sub-section (7) shall be chargeable with duty as provided therein at the rate specil ified in Schedule I and such instruments need not be stamped. (3) From the date of commencement of this Part, no stamp-duty shall be charged or collected by the State Government on any note or memorandum or any other document; electronic O otherwise, associated with the transactions mentioned in sub-section (1). The stock exchange or a clearing corporation authorised by it or the depository, as the case may be, shall, within three weeks of the end of each month and in accordance with the rules made in this behalf by the Central Government, in consultation with the State Government, transfer the stamp-duty collected under this section to the State Government where the residence of the buyer is located and in case the buyer is located outside India, to the State Government having the registered office of the trading member or broker of such buyer and in case where there is no such trading member of the buyer; to the State Government having the registered office of the participant: Provided that before such transfer; the stock exchange or the clearing corporation authorised by it or the depository shall be entitled to deduct such percentage of stamp-duty towards facilitation charges as may be specified in such rules_ Explanation_ The term "'participant" shall have the same meaning as assigned t0 it in clause (g) of section 2 of the Depositories Act 1996. 22 of 1996_ (5) Every stock exchange or the clearing corporation authorised by it and depository shall submit to the Government details of the transactions referred to in sub-section (1) in such manner as the Central Government may, by rules, provide.

18 · After section 62 of the principal Act, the following section shall be inserted, namely:

21 · In Schedule I of the principal Act; Amendment of Schedule [. in Article 19,in column (1), after the words "CERTIFICATE OR OTHER DOCUMENT" , the brackets, words, figures and letter '(except the certificate or other document covered under Articles 27 and 56A)' shall be inserted; the words, brackets and figures "See also LETTER OFALLOTMENT OF SHARES (No. 36)" shall be omitted; (ii) for Article 27 and the entries relating thereto, the following Article and entries shall be subsitituted, namely:

0 · 0059

0 · 0001 %

0 · 00001%'

22 · In section 8 of the Prevention of Money-laundering Act; 2002, in sub-section (3) , with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, in clause (a), for the words "ninety days" the words 'three hundred and sixty-five days" shall be substituted;