Income Tax Act, 2025
Section 1: Subs. by Act 21 of 2006, s. 16, for “notified under clause (23D)” (w.e.f. 12007).
1. Subs. by Act 21 of 2006, s. 16, for “notified under clause (23D)” (w.e.f. 12007).
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(6) any company in which the public are substantially interested or any co-operative
society, where such company or co-operative society is engaged in the business of financing
the construction of houses, or
(7) the assessee’s employer where such employer is an authority or a board or a
corporation or any other body established or constituted under a Central or State Act, or
(8) the assessee’s employer where such employer is a public company or a public sector
company or a university established by law or a college affiliated to such university or a local
authority or a co-operative society; or
(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house
property to the assessee,
but shall not include any payment towards or by way of—
(A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member
of a co-operative society has to pay for becoming such shareholder or member; or
(B) the cost of any addition or alteration to, or renovation or repair of, the house property which is
carried out after the issue of the completion certificate in respect of the house property by the authority
competent to issue such certificate or after the house property or any part thereof has either been occupied
by the assessee or any other person on his behalf or been let out; or
(C) any expenditure in respect of which deduction is allowable under the provisions of section 24;
(xix) as subscription to equity shares or debentures forming part of any eligible issue of capital
approved by the Board on an application made by a public company or as subscription to any eligible
issue of capital by any public financial institution in the prescribed form.
Explanation.—For the purposes of this clause,—
(i) “eligible issue of capital” means an issue made by a public company formed and registered
in India or a public financial institution and the entire proceeds of the issue are utilised wholly
and exclusively for the purposes of any business referred to in sub-section (4) of section 80-IA;
(ii) “public company” shall have the meaning assigned to it in section 3 of the Companies
Act, 1956 (1 of 1956);
(iii) “public financial institution” shall have the meaning assigned to it in section 4A of the
Companies Act, 1956 (1 of 1956);
(xx) as subscription to any units of any mutual fund referred to in clause (23D) of section 10 and
approved by the Board on an application made by such mutual fund in the prescribed form:
Provided that this clause shall apply if the amount of subscription to such units is subscribed only
in the eligible issue of capital of any company.
Explanation.—For the purposes of this clause “eligible issue of capital” means an issue referred
to in clause (i) of the Explanation to clause (xix) of sub-section (2);
1[(xxi) as term deposit—
(a) for a fixed period of not less than five years with a scheduled bank; and
(b) which is in accordance with a scheme framed and notified, by the Central Government, in
the Official Gazette for the purposes of this clause.
any company in which the public are substantially interested or any co-operative
society, where such company or co-operative society is engaged in the business of financing
the construction of houses, or
the assessee’s employer where such employer is an authority or a board or a
corporation or any other body established or constituted under a Central or State Act, or
the assessee’s employer where such employer is a public company or a public sector
company or a university established by law or a college affiliated to such university or a local
authority or a co-operative society; or
stamp duty, registration fee and other expenses for the purpose of transfer of such house
property to the assessee,
but shall not include any payment towards or by way of—
the admission fee, cost of share and initial deposit which a shareholder of a company or a member
of a co-operative society has to pay for becoming such shareholder or member; or
the cost of any addition or alteration to, or renovation or repair of, the house property which is
carried out after the issue of the completion certificate in respect of the house property by the authority
competent to issue such certificate or after the house property or any part thereof has either been occupied
by the assessee or any other person on his behalf or been let out; or
any expenditure in respect of which deduction is allowable under the provisions of section 24;
as subscription to equity shares or debentures forming part of any eligible issue of capital
approved by the Board on an application made by a public company or as subscription to any eligible
issue of capital by any public financial institution in the prescribed form.
Explanation.—For the purposes of this clause,—
“eligible issue of capital” means an issue made by a public company formed and registered
in India or a public financial institution and the entire proceeds of the issue are utilised wholly
and exclusively for the purposes of any business referred to in sub-section
of section 80-IA;
“public company” shall have the meaning assigned to it in section 3 of the Companies
Act, 1956 (1 of 1956);
“public financial institution” shall have the meaning assigned to it in section 4A of the
Companies Act, 1956 (1 of 1956);
as subscription to any units of any mutual fund referred to in clause
of section 10 and
approved by the Board on an application made by such mutual fund in the prescribed form:
Provided that this clause shall apply if the amount of subscription to such units is subscribed only
in the eligible issue of capital of any company.
Explanation.—For the purposes of this clause “eligible issue of capital” means an issue referred
to in clause
of the Explanation to clause
of sub-section
as term deposit—
for a fixed period of not less than five years with a scheduled bank; and
which is in accordance with a scheme framed and notified, by the Central Government, in
the Official Gazette for the purposes of this clause.