Finance Act, 1969

Amendment of section 80 of Income Tax Act, 1967.

27.Section 80 of the Income Tax Act, 1967 , is hereby amended—

(a) by the deletion in subsection (1) of the definitions of “long lease”, “short lease” and “unit of valuation”.

(b) by the substitution in subsection (1) of the following definition for the definition of “rent”:

“‘rent’ includes—

(i) any rentcharge, fee farm rent and any payment in the nature of rent, notwithstanding that the payment may relate partly to premises and partly to goods or services, and

(ii) any payment made by the lessee to defray the cost of work of maintenance of or repairs to the premises, not being work required by the lease to be carried out by the lessee;”,

(c) by the substitution in subsection (2) of “for the purposes of this Chapter” for “for the purpose of the definition of ‘long lease’ and ‘short lease’ contained in subsection (1)”, and

(d) by the substitution in subsection (3) of “section 16 (3) of the Finance (Miscellaneous Provisions) Act, 1968” for “section 96 (3)”.