Income Tax Act, 2025
Section 5: Ins. by Act 17 of 2013, s. 12 (w.e.f. 12014).
5. Ins. by Act 17 of 2013, s. 12 (w.e.f. 12014).
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(ii) in the case of a Hindu undivided family, any member thereof;
(b) for the purposes of clause (ii) of that sub-section, in the case of an individual, the individual,
the wife or husband and any child of such individual;
1[(ba) for the purposes of clause (viii) of that sub-section, in the case of an individual, the
individual or any girl child of that individual, or any girl child for whom such person is the legal
guardian, if the scheme so specifies;]
(c) for the purposes of clause (xvii) of that sub-section, in the case of an individual, any two
children of such individual.
(5) Where, in any previous year, an assessee—
(i) terminates his contract of insurance referred to in clause (i) of sub-section (2), by notice to that
effect or where the contract ceases to be in force by reason of failure to pay any premium, by not
reviving contract of insurance,—
(a) in case of any single premium policy, within two years after the date of commencement of
insurance; or
(b) in any other case, before premiums have been paid for two years; or
(ii) terminates his participation in any unit-linked insurance plan referred to in clause (x) or
clause (xi) of sub-section (2), by notice to that effect or where he ceases to participate by reason of
failure to pay any contribution, by not reviving his participation, before contributions in respect of
such participation have been paid for five years; or
(iii) transfers the house property referred to in clause (xviii) of sub-section (2) before the expiry of
five years from the end of the financial year in which possession of such property is obtained by him,
or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,—
(a) no deduction shall be allowed to the assessee under sub-section (1) with reference to any of
the sums, referred to in clauses (i), (x), (xi) and (xviii) of sub-section (2), paid in such previous year;
and
(b) the aggregate amount of the deductions of income so allowed in respect of the previous year
or years preceding such previous year, shall be deemed to be the income of the assessee of such
previous year and shall be liable to tax in the assessment year relevant to such previous year.
(6) If any equity shares or debentures, with reference to the cost of which a deduction is allowed
under sub-section (1), are sold or otherwise transferred by the assessee to any person at any time within a
period of three years from the date of their acquisition, the aggregate amount of the deductions of income
so allowed in respect of such equity shares or debentures in the previous year or years preceding the
previous year in which such sale or transfer has taken place shall be deemed to be the income of the
assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous
year.
Explanation.—A person shall be treated as having acquired any shares or debentures on the date on
which his name is entered in relation to those shares or debentures in the register of members or of
debenture-holders, as the case may be, of the public company.
2[(6A) If any amount, including interest accrued thereon, is withdrawn by the assessee from his
account referred to in clause (xxiii) or clause (xxiv) of sub-section (2), before the expiry of the period of
five years from the date of its deposit, the amount so withdrawn shall be deemed to be the income of the
in the case of a Hindu undivided family, any member thereof;
for the purposes of clause
of that sub-section, in the case of an individual, the individual,
the wife or husband and any child of such individual;
1[
for the purposes of clause
of that sub-section, in the case of an individual, the
individual or any girl child of that individual, or any girl child for whom such person is the legal
guardian, if the scheme so specifies;]
for the purposes of clause
of that sub-section, in the case of an individual, any two
children of such individual.
Where, in any previous year, an assessee—
terminates his contract of insurance referred to in clause
of sub-section
in case of any single premium policy, within two years after the date of commencement of
insurance; or
in any other case, before premiums have been paid for two years; or
terminates his participation in any unit-linked insurance plan referred to in clause
or
clause
of sub-section
transfers the house property referred to in clause
of sub-section
before the expiry of
five years from the end of the financial year in which possession of such property is obtained by him,
or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,—
no deduction shall be allowed to the assessee under sub-section
with reference to any of
the sums, referred to in clauses
and
of sub-section
the aggregate amount of the deductions of income so allowed in respect of the previous year
or years preceding such previous year, shall be deemed to be the income of the assessee of such
previous year and shall be liable to tax in the assessment year relevant to such previous year.
If any equity shares or debentures, with reference to the cost of which a deduction is allowed
under sub-section
If any amount, including interest accrued thereon, is withdrawn by the assessee from his
account referred to in clause
or clause
of sub-section