Income tax section 56 2 vii b
WebApr 12, 2024 · Upto 31/03/2024 TDS is required to be deducted @1% on 55 lacs. From 01/04/2024 TDS is required to be deducted @ 1% on 65 lacs. The difference of 10lacs will be taxable in hands of buyer u/s 56(2)(vii) under head Income from Other Sources and Seller is required to calculate capital gains taking sale consideration Rs. 70 lacs. Case-2: 80 lacs: … WebThe tax authorities on the other hand contended that section 56(2)(vii)(b) did not have a proviso similar to that of section 50C(1), the provisions of section 56(2)(vii)(b) must be interpreted strictly, and accordingly, the CIT(A)’s order should be upheld. Decision of the ITAT. The ITAT noted the following:
Income tax section 56 2 vii b
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WebTax Questions and Answers. About; Section: 56(2)(vii)(b) ... Yes, stamp duty value of agricultural land received without consideration exceeding Rs. 50,000/- is chargeable u/s. 56(2)(vii) of the Act except property received from relatives. The explanation (d) to the section . November 20, 2015. WebMay 23, 2024 · The AO sought to tax the difference between fair value and issue price in the hands of assessee invoking section 56(2)(vii) [Predecessor to section 56(2)(x)] . The ITAT Mumbai Bench held that as long as, there is no disproportionate allotment, i.e., shares are allotted pro rata to the shareholders, based on their existing holdings, there is no ...
WebOct 11, 2024 · The CBDT Circular No.1/2011 dated 06/04/2011 explaining the provision of section 56 (2) (vii) specifically states that the section was inserted as a counter evasion mechanism to prevent money laundering of unaccounted income. In paragraph 13.4 thereof, it is stated that "the intention was not to tax transactions carried out in the normal course ... WebAmendment of section 56. 29. In section 56 of the Income-tax Act, in sub-section (2), —. in clause ( vii ), after the figures, letters and words "1st day of October, 2009", the words, figures and letters "but before the 1st day of April, 2024" shall be inserted; in clause ( viia ), after the figures, letters and words "1st day of June, 2010 ...
WebMay 17, 2013 · 1. Provision under the Income Tax Act,1961. Section 56 (2) lists incomes chargeable to income tax under the head ‘Income from Other Sources.’. Finance Act, 2012 inserts clause (viib), with effect from 1-4-2013 (assessment year 2013-14) to include ‘share premium’ received by a company in excess of its fair market value , as its income ...
WebA single Form 56 only establishes one relationship between a trustee and an estate. If there are multiple estates, the trustee will be required to file a separate Form 56 for each estate …
Webprovisions of Regulations section 1.1502-77 apply to the extent not modified by section 6402(k) and Regulations section 301.6402-7. In addition, the filing of Form 56-F is a … pork tenderloin hawaiian recipeWebIncome from other sources. 56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income … pork tenderloin in a crock potWebJun 20, 2013 · S. 56 (2) (vii) (b): Controversies Arising After Amendment By FA 2013. S. 56 (2) (vii) (b), as substituted by the Finance Act 2013, provides that if immovable property is … sharpie williamsWebApr 11, 2024 · ITAT Delhi held that addition under section 69A of the Income Tax Act sustainable on failure to provide reasonable explanation of the sources and justification . ... has received the impugned amount as a gift in her bank account from her relatives and as per provisions laid in Sec 56(2)(vii) of the act the gifts received from relatives is not ... pork tenderloin from frozenWebJan 27, 2024 · Section 56 (2) (vii) (b) was amended by the Finance Act, 2013 w.e.f. 01.04.2014 or Assessment Year (AY) 2014-15 to cover inter alia any receipt of … sharp image editing techniquesWeb(B) section 904 were applied on the basis of alternative minimum taxable income instead of taxable income, and (C) the determination of whether any income is high-taxed income … sharp image resize improvementWebSection: 56(2)(vii) Income from other sources- Gift to HUF by uncle There is no restriction from accepting gift from your real uncle (your father’s younger brother) for your HUF … pork tenderloin in air fryer time