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[Cites 0, Cited by 0] [Section 70] [Entire Act]

Union of India - Subsection

Section 70(3) in Income Tax Rules, 1962

(3)A withdrawal, referred to in clause (a) of sub-rule (2), of an amount equal to the difference between the amount of withdrawal admissible under sub-rule (2A) of rule 69 as on the date of application and the amount actually withdrawn by the employee for the purpose specified in clause (d) of sub-rule (1) of rule 68 any time during six years preceding the 3rd day of October, 1981, may be permitted to the employee, whose pay does not exceed rupees five thousand per month, subject to the following conditions, namely :-
(i)the employee had availed of the first withdrawal for purchase of a site and now proposes to construct a house on the site so purchased; or
(ii)the employee had availed of the first withdrawal for making initial payment towards allotment or purchase of a house from any of the agencies referred to in the second proviso to clause (d) of sub-rule (1) of rule 68 and now proposes to withdraw the amount for completing the transaction and for acquiring ownership of the house so purchased; or
(iii)the employee had availed of the first withdrawal for construction of a house but the said construction could not be completed due to shortage of funds.