Income Tax Act, 2025
Section 5: Ins. by s. 21, ibid. (w.e.f. 12010).
5. Ins. by s. 21, ibid. (w.e.f. 12010).
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1[(e) “relative” means,—
(i) in case of an individual—
(A) spouse of the individual;
(B) brother or sister of the individual;
(C) brother or sister of the spouse of the individual;
(D) brother or sister of either of the parents of the individual;
(E) any lineal ascendant or descendant of the individual;
(F) any lineal ascendant or descendant of the spouse of the individual;
(G) spouse of the person referred to in items (B) to (F); and
(ii) in case of a Hindu undivided family, any member thereof;]
(f) “stamp duty value” means the value adopted or assessed or assessable by any authority of the
Central Government or a State Government for the purpose of payment of stamp duty in respect of an
immovable property;]
2[(viia) where a firm or a company not being a company in which the public are substantially
interested, receives, in any previous year, from any person or persons, on or after the 1st day of
June, 2010 3[but before the 1st day of April, 2017], any property, being shares of a company not
being a company in which the public are substantially interested,—
(i) without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;
(ii) for a consideration which is less than the aggregate fair market value of the property
by an amount exceeding fifty thousand rupees, the aggregate fair market value of such
property as exceeds such consideration:
Provided that this clause shall not apply to any such property received by way of a
transaction not regarded as transfer under clause (via) or clause (vic) or clause (vicb) or clause
(vid) or clause (vii) of section 47.
Explanation.—For the purposes of this clause, “fair market value” of a property, being shares of a
company not being a company in which the public are substantially interested, shall have the meaning
assigned to it in the Explanation to clause (vii);]
“relative” means,—
in case of an individual—
spouse of the individual;
brother or sister of the individual;
brother or sister of the spouse of the individual;
brother or sister of either of the parents of the individual;
any lineal ascendant or descendant of the individual;
any lineal ascendant or descendant of the spouse of the individual;
spouse of the person referred to in items
to
in case of a Hindu undivided family, any member thereof;]
“stamp duty value” means the value adopted or assessed or assessable by any authority of the
Central Government or a State Government for the purpose of payment of stamp duty in respect of an
immovable property;]
2[
where a firm or a company not being a company in which the public are substantially
interested, receives, in any previous year, from any person or persons, on or after the 1st day of
June, 2010 3[but before the 1st day of April, 2017], any property, being shares of a company not
being a company in which the public are substantially interested,—
without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;
for a consideration which is less than the aggregate fair market value of the property
by an amount exceeding fifty thousand rupees, the aggregate fair market value of such
property as exceeds such consideration:
Provided that this clause shall not apply to any such property received by way of a
transaction not regarded as transfer under clause
or clause
or clause
or clause
or clause
of section 47.
Explanation.—For the purposes of this clause, “fair market value” of a property, being shares of a
company not being a company in which the public are substantially interested, shall have the meaning
assigned to it in the Explanation to clause