An Act further to amend the Punjab agricultural Income Tax Act, 1997
9th June, 2003
No, PAP- Legis-2(8)/2003/463, dated 6-6-2003—The Punjab Agricultural Income Tax (Amendment) Bill 2003, having been passed by the Provincial Assemble of the Punjab on 28 may, 2003, and assented to by the governor of the Punjab on 31st May, 2003, is hereby published as an Act of the provincial Assemble of the Punjab.
Whereas it is expedient further to amend the Punjab Agricultural Income Tax Act 1997 (I of 1997), in the manner hereinafter appearing.
It is hereby enacted as follows:–
1. Short title and commencement.—(1) This Act may be called the Punjab Agricultural Income Tax (Amendment) Act, 2003.
(2) It shall come into force on the first day of July, 2003.
2. Addition of section 3-A in Act I of 1997.—In the
“3-A. Effect of transfers made on or after the first day of July, 2003.—Any person liable to pay tax under this Act, transferring his land or interest therein on or after the first day of July, 2003 in favour of his wife or any of this heirs under the age of eighteen years, shall continue to be liable for payment of the tax as if such transfer had not taken place:
Provided that this liability of the person for payment of the tax in respect of the land or interest therein transferred to any of his heirs under the age of eighteen years, shall cease when the heir attains the age of eighteen years.
Explanation.—For the purpose of determining whether or not a transferee is an heir within the meaning of this section, succession to the property of the owner shall be deemed to have opened at the time of the transfer.”
3. Amendment of the first schedule to Act I of 1997.—In the said Act, in the First Schedule, under item No.1, for entries (i), (ii) and (iii), the following shall be substituted:–
(i) Not exceeding 12-1/2 acres Nil
(ii) Exceeding 12-1/2 acres but
not exceeding 25 acres Rs. 150
(iii) Exceeding 25 acres Rs. 250