Section 119 of Finance Act 2018 : Amendment of section 4

By | April 1, 2018
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(Last Updated On: April 20, 2018)

Section 119 of Finance Act 2018

[Section 119 of Finance Act 2018 deals with Amendment of section 4 and is covered in CHAPTER VIII MISCELLANEOUS]

Amendment of section 4

119. In section 4 of the principal Act,—

(a)for sub-section (1), the following sub-section shall be substituted, namely:—
“(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination:
Provided that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian.”;
(b)after sub-section (3), the following sub-section shall be inserted, namely:—
“(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.”.

Finance Act 2018 : Assented by President : Download Print Notification


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