G.S.R. 470(E).—In exercise of the powers conferred by section 48 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:─
1. Short title:- (1)These rules may be called the Income tax Amendment (18th Amendment), Rules,
2021
2. In the Income-tax Rules, 1962, (hereinafter referred to as the principal rules) in rule 8AA, after sub-rule (4), the following sub-rule shall be inserted, namely:-
―(5). In case of the amount which is chargeable to income-tax as income of specified entity under subsection (4) of section 45 under the head ―Capital gains‖,-
- (i) the amount or a part of it shall be deemed to be from transfer of short term capital asset, if it is attributed to,
(a) capital asset which is short term capital asset at the time of taxation of amount under subsection (4) of section 45; or
(b) capital asset forming part of block of asset; or
(c) capital asset being self-generated asset and self-generated goodwill as defined in clause (ii) of Explanation 1 to sub-section (4) of section 45; and - (ii) the amount or a part of it shall be deemed to be from transfer of long term capital asset or assets, if it is attributed to capital asset which is not covered by clause (i) and is long term capital asset at the time of taxation of amount under sub-section (4) of section 45.
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