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(Tax Rules) Addition of New Sub-rule under Rule 8AA of the Income Tax Rules 1962

In exercise of the powers conferred by clause (ii) of Explanation 1 to clause (42A) of section 2, 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. (1) These rules may be called the Income-tax (34th Amendment) Rules, 2016.
 (2) They shall come into force from the 1st day of June, 2016.

2. In the Income-tax Rules, 1962, in rule 8AA, after sub-rule (2), the following sub-rule shall be inserted, namely:-

(3) In the case of a capital asset, declared under the Income Declaration Scheme, 2016,-
(i) being an immovable property, the period for which such property is held shall be reckoned from the date on which such property is acquired if the date of acquisition is evidenced by a deed registered with any authority of a State Government; and
(ii) in any other case, the period for which such asset is held shall be reckoned from the 1st day of June, 2016.”

Rule 8AA of Income Tax Rules 1962: Determination of Period of Holding of Capital Assets - link

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