Section 45(4) in The Income- Tax Act, 1995

Central Government Act

(4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co- operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the

2. Inserted by the Finance Act, 1964, w. e. f. 1- 4- 1964.

3. Substituted for" 53, 54, 54B and 54C" by the Finance Act, 1973, w. e. f. 1- 4- 1974. Earlier, it was substituted for" 53, 54 and 54B" by the Finance Act, 1972, w. e. f. 1- 4- 1973 which was substituted for" 53 and 54" by the Finance Act, 1970, w. e. f. 1- 4- 1970.

4. The figure" 53," omitted by the Finance Act, 1992, w. e. f. 1- 4- 1993.

5. The figure" 54C" omitted by the Finance Act, 1976, w. e. f. 1- 4- 1976.

6. Substituted for" and 54D" by the Finance (No. 2) Act, 1977, w. e. f. 1- 4- 1978.

7. Substituted for" 54D and 54E" by the Finance Act, 1982, w. e. f. 1- 4- 1983.

8. Substituted for" 54E and 54F" by the Finance Act, 1987, w. e. f. 1- 4- 1988.

9. Substituted for" and 54G" by the Finance (No. 2 Act), 1991, w. e. f. 1- 4- 1991

10. Inserted by the Taxation Laws (Amendment) Act, 1984, w. e. f. 1- 4- 1985. It was originally inserted by the Finance Act, 1964, w. e. f. 1- 4- 1964 and omitted by the Finance Act, 1966, w. e. f. 1- 4- 1966.

11. Inserted by the Finance Act, 1987, w. e. f. 1- 4- 1988. Sub- sections (3) and (4) were originally inserted by the Finance Act, 1964, w. e. f. 1- 4- 1964 and omitted by the Finance Act, 1966, w. e. f. 1- 4- 1966.

said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.]