section 56

List of relatives covered under Section 56(2) of Income Tax Act,1961

Income Tax - Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

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Budget 2017: Taxation of trusts in context of succession planning

Income Tax - Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Budget 2017: Exemption Limit of Rs. 50000 U/s. 56 should be raised to 5 Lakh

Income Tax - In order to avoid the unintended hardship to small taxpayer, the limit of exemption under section 56 may be increased from 50,000 to Rs. 5 lakhs....

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Proposed Important Amendments for Charitable Trust by Finance Bill 2017

Income Tax - While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

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Budget 2017: Analysis of proposed amendment in section 56(2)

Income Tax - Central Government has proposed several other amendments to the Income Tax Act which are in form of anti abuse amendments. One such important amendment is proposed in Sec 56(2) of the Act....

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No Addition U/s. 56 for Immovable Property received at less than stamp duty value

Income Tax - The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding 50,000, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual...

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ICAI President’s Message – January 2013

Income Tax - Suggestions on Draft Rule 11UA of Income-tax Rules, 1962 Accepted: I am happy to inform you that our suggestions have found favour with the Government, which we had submitted in response to the CBDT’s request on the draft Rule 11UA for determination of fair market value for the purpose of Section 56(2)(viib) of Income-tax Act, 1961. ...

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Interest on compensation for personal disability cannot be taxed

Urvi Chirag Sheth vs. ITO (ITAT Ahmedabad) - Clearly, unless a receipt is not an income, there is no occasion for the provisions of Section 56(1) or 56(2) coming into play. Section 56 does not decide what is an income. What it holds is that if there is an income, which is not taxable under any of the heads under Section 14, i.e item A to E, it...

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To avail Section 32(2) depreciation claim it’s not necessary that business carried on in following previous year

The Serendipity Apparels Pvt. Ltd. Vs CIT (ITAT Ahmedabad) - The Serendipity Apparels Pvt. Ltd. Vs. CIT (ITAT Ahmedabad)- The assessee has derived its lease rental income under the head from other sources. There is no dispute that the same is covered u/s.56(2)(iii) of the Act....

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Gift to be treated as genuine if identity of donors is genuine & source of gift stays explained

Prem Kumar Chowdhary Vs CIT (Income Tax Appellate Tribunal “B” Bench, Kolkata) - In the impugned year the blood relation is not necessary for the gift to be a genuine gift, but the relationship matters a lot. In all the probabilities the gift is found to be genuine as the donors have explained the source of gift, copy of bank accounts, income tax return. ...

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Entries write back in absence of explanation is assessable as income

Panna S. Khatau Vs ITO, (ITAT MUMBAI) - Tribunal examined that whether addition can be made on account of net increase in the assessee’s capital during the year on account of write back as well as write off of some old credits and debits appearing in her accounts. ...

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HUF will be treated as Relative u/s 56(2)(vi)

Mr. Biravelli Bhaskar Vs ITO (ITAT Hyderabad) - The expression HUF must be construed in the sense in which it is understood under the Hindu law HUF constitutes all persons lineally descended from a common ancestor and includes their mothers, wives or widows and unmarried daughters. ...

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S.56 No Tax on Startup Shares issued about FMV: CBDT

Notification No. 45/2016-Income Tax - (14/06/2016) - Central Government, hereby notifies the 'classes of persons' for the purposes of section 56(2)(viib)(ii) as being the 'person' defined under sub-section (31) of section 2 of the said Act, being resident, who make any consideration exceeding the face value for issues of shares of a 'startup' company...

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Analysis of new valuation rules to determine fair market value of a property other then immovable property for the purpose of section 56

Notification No. 23/2010-Income Tax - (07/04/2010) - Notification No. 23/2010-Income Tax As per section 56(2)(vii)(c)(ii) of the Income-tax Act, 1961 (the Act) if an individual or a Hindu undivided family receives any property other than immovable property on or after 1 October 2009 for a consideration which is less than the Fair Market Value (FMV) of...

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MVAT Notification on Delegation of Powers

Notification No. DC (A&R) PWRJJC/2009/6(2)/ADM-6 - (02/01/2010) - In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the notification No. Sr. D. C. (A & R)/PWR/1006/2/Adm-3, dated 6th October 2007 as follows, nam...

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Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...

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Recent Posts in "section 56"

List of relatives covered under Section 56(2) of Income Tax Act,1961

Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

Read More
Posted Under: Income Tax |

Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

Read More
Posted Under: Income Tax | ,

Budget 2017: Exemption Limit of Rs. 50000 U/s. 56 should be raised to 5 Lakh

In order to avoid the unintended hardship to small taxpayer, the limit of exemption under section 56 may be increased from 50,000 to Rs. 5 lakhs....

Read More
Posted Under: Income Tax | ,

Proposed Important Amendments for Charitable Trust by Finance Bill 2017

While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

Read More
Posted Under: Income Tax | ,

Budget 2017: Analysis of proposed amendment in section 56(2)

Central Government has proposed several other amendments to the Income Tax Act which are in form of anti abuse amendments. One such important amendment is proposed in Sec 56(2) of the Act....

Read More
Posted Under: Income Tax | ,

Budget 2017: Implications for MNCs and Non-residents

Continuation of Lower Withholding Tax Rate of 5% on Foreign Currency Borrowings- It is proposed to continue the withholding tax rate of 5% on interest on foreign currency borrowings before 1 July 2020....

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Posted Under: Income Tax |

Tax Treatment of Income from Other Sources

Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head Income from Other Sources....

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Posted Under: Income Tax | ,

Taxability of Gift received by an individual or HUF with FAQs

Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....

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Posted Under: Income Tax | ,

Interest on compensation for personal disability cannot be taxed

Urvi Chirag Sheth vs. ITO (ITAT Ahmedabad)

Clearly, unless a receipt is not an income, there is no occasion for the provisions of Section 56(1) or 56(2) coming into play. Section 56 does not decide what is an income. What it holds is that if there is an income, which is not taxable under any of the heads under Section 14, i.e item A to E, it is taxable under the head income from o...

Read More

S.56 No Tax on Startup Shares issued about FMV: CBDT

Notification No. 45/2016-Income Tax (14/06/2016)

Central Government, hereby notifies the 'classes of persons' for the purposes of section 56(2)(viib)(ii) as being the 'person' defined under sub-section (31) of section 2 of the said Act, being resident, who make any consideration exceeding the face value for issues of shares of a 'startup' company....

Read More
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