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section 56

Latest Articles


Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual

Income Tax : SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or...

May 23, 2025 4785 Views 0 comment Print

Significance of Section 56(2) (viib) Exemption for DPIIT-Recognised Startups

Income Tax : To facilitate ease of fundraising and to promote entrepreneurship, the Government has introduced specific exemptions for DPIIT-rec...

May 18, 2025 561 Views 0 comment Print

Tax on Property Transactions: Section 56(2)(vii)(b) & Reassessment Proceedings

Income Tax : Explore tax implications under Section 56(2)(vii)(b) and reassessment norms in property transactions. Judicial rulings emphasize e...

April 20, 2025 6387 Views 0 comment Print

Taxation on Lottery Winnings & Prize Money: What You Actually Take Home?

Income Tax : Understand how lottery winnings are taxed in India. Learn about tax rates, deductions, TDS, and strategies to manage tax burdens o...

March 10, 2025 2574 Views 0 comment Print

Income From Other Sources: Chargeability Under Section 56

Income Tax : This blog explores the chargeability of Income from Other Sources (IFOS) under Section 56, its scope, types of income covered, tax...

February 27, 2025 1569 Views 0 comment Print


Latest News


Sunset of Section 56(2)(viib) Provisions: No Tax on issue of share exceeding FMV

Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...

July 23, 2024 2232 Views 0 comment Print

Suggestions on proposed changes to Rule 11UA of Income-tax Rules, 1962

Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...

June 1, 2023 1668 Views 0 comment Print

CBDT proposes changes to Rule 11UA ANGEL TAX & to notify Excluded Entities

Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to  notify Excluded Entities In the Finance Act, 2023, ...

May 20, 2023 2862 Views 0 comment Print

IMB certification is not a prerequisite to avoid angel tax

Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...

March 25, 2022 3987 Views 0 comment Print

Representation to FM to Widen Scope of Benefit of 20% for flats

Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...

November 14, 2020 14910 Views 3 comments Print


Latest Judiciary


Valuation of unquoted equity shares by DCF method permissible u/r 11UA(2): Delhi HC

Income Tax : Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permis...

June 17, 2025 114 Views 0 comment Print

Delhi HC directed interest payment on inadvertent deposit made in Electronic Cash Ledger

Goods and Services Tax : The Petitioner was under the mistaken impression that only Input Tax Credit could be distributed through the ISD account and the c...

June 10, 2025 102 Views 0 comment Print

Stamp Duty Valuation Difference In Purchase of Land By Builder Not Taxable U/S 56 & Entries In Books Not Decisive : Itat Bangalore

Income Tax : Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus ...

May 27, 2025 864 Views 0 comment Print

ITAT Directs AO to Consider Circle Rate on Agreement Date for Tax Calculation

Income Tax : ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Secti...

May 21, 2025 693 Views 0 comment Print

Minor’s Income Clubbed in Mother’s Return Cannot Be Reassessed in Father’s Hands

Income Tax : Assessee, i.e., the father of the minor, Mr. Yogesh Mafatlal Bhansali had originally filed his income tax return declaring a total...

May 12, 2025 270 Views 0 comment Print


Latest Notifications


Assessment of Startup Companies involving application of section 56 (2)(viib)

Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...

October 10, 2023 1995 Views 0 comment Print

Amendment of Income Tax Rule 11UA- Valuation of Unquoted Equity Shares

Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...

September 25, 2023 24285 Views 0 comment Print

New Income Tax Rules on Taxation of Life Insurance Policy Receipts

Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...

August 16, 2023 16908 Views 2 comments Print

CBDT releases draft rule 11UA to implement amendment by Finance Act 2023

Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...

May 26, 2023 5958 Views 0 comment Print

CBDT Notifies Classes of Persons for Income Tax Purposes under Section 56

Income Tax : CBDT issued  Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...

May 24, 2023 5619 Views 0 comment Print


Latest Posts in section 56

Valuation of unquoted equity shares by DCF method permissible u/r 11UA(2): Delhi HC

June 17, 2025 114 Views 0 comment Print

Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permissible under rule 11UA(2) of the Income Tax Rules. Accordingly, appeal of revenue dismissed.

Delhi HC directed interest payment on inadvertent deposit made in Electronic Cash Ledger

June 10, 2025 102 Views 0 comment Print

The Petitioner was under the mistaken impression that only Input Tax Credit could be distributed through the ISD account and the cash deposit was not permissible for distribution.

Stamp Duty Valuation Difference In Purchase of Land By Builder Not Taxable U/S 56 & Entries In Books Not Decisive : Itat Bangalore

May 27, 2025 864 Views 0 comment Print

Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus personal asset.

Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual

May 23, 2025 4785 Views 0 comment Print

SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or for inadequate consideration, covering scope, taxable transactions, and key exemptions for specified relatives.

ITAT Directs AO to Consider Circle Rate on Agreement Date for Tax Calculation

May 21, 2025 693 Views 0 comment Print

ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Section 56(2)(x) applicability.

Significance of Section 56(2) (viib) Exemption for DPIIT-Recognised Startups

May 18, 2025 561 Views 0 comment Print

To facilitate ease of fundraising and to promote entrepreneurship, the Government has introduced specific exemptions for DPIIT-recognised startups from the rigors of Section 56(2) (viib). This article explains the significance of this exemption and why it is crucial for startups in India.

Minor’s Income Clubbed in Mother’s Return Cannot Be Reassessed in Father’s Hands

May 12, 2025 270 Views 0 comment Print

Assessee, i.e., the father of the minor, Mr. Yogesh Mafatlal Bhansali had originally filed his income tax return declaring a total income of ₹2,71,630, which was accepted after a limited scrutiny assessment under Section 143(3).

Section 56(2)(vii)(b) doesn’t apply to agreement executed before 01.04.2014: ITAT Nagpur

May 7, 2025 366 Views 0 comment Print

ITAT Nagpur held that the provisions of section 56(2)(vii) (b)(ii) of the Income Tax Act came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. Accordingly, provisions cannot be made applicable to date of agreement before 01.04.2014.

Interest on Enhanced agricultural Land acquisition Compensation Under Section 28 is Tax-Free

May 2, 2025 1149 Views 0 comment Print

ITAT Delhi holds interest on enhanced land acquisition compensation under Section 28 is tax-free under Section 10(37), not taxable under Section 56.

Section 56(2)(vii) not applies to shares received via proportionate rights issue

April 30, 2025 540 Views 0 comment Print

ITAT Mumbai restricts tax addition on share allotment in ITO vs Rajeev R Tulshyan case, citing proportionate rights issue and lack of disproportionate gain.

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