Section 120 of Finance Act 2018
[Section 120 of Finance Act 2018 deals with Amendment of section 4A and is covered in CHAPTER VIII MISCELLANEOUS]
Amendment of section 4A
120. In section 4A of the principal Act,—
| (a) | after sub-section (3), the following sub-section shall be inserted, namely:— | |
| “(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian.”; | ||
| (b) | in sub-section (4),— |
| (i) | in clause (a), for the words “deceased; and”, the words “deceased in accordance with such procedure as may be prescribed.” shall be substituted; | |
| (ii) | clause (b) shall be omitted; |
| (c) | sub-section (5) shall be omitted. |
Finance Act 2018 : Assented by President : Download Print Notification