Section 42 : Disposal through instalment sale or financial lease

If any person disposes of any property by way of instalment sale or lease under a financial lease to any other person, the following provisions shall apply:-

(a) The person who has disposed of the property shall be deemed to have received the amount equal to the market value of that property at the time of disposal for the disposal, and

(b) The person who has acquired the property through disposal shall be deemed to have incurred cost in a sum equal to clause (a).

Provided that this provision shall not be applicable where the provision of Section 45 applies.