#section 56
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811 articlesIncome Tax

Income Tax
Sec. 56 Tax Treatment of Gifts Received by An Individual or HUF
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Taxation of Gifts received or Specified assets purchased by any person
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Taxability of GIFTs for Individuals/HUFs
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ICAI gives representation to CBDT for not allowing CAs to do DCF certification
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CA valuation report now not valid u/r 11UA (2)(b) of Income-tax Rules, 1962
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Income Tax
CAs cannot do Valuation of unquoted equity shares under DCF method
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No addition for Gift from daughter if Assessee proves identity, genuineness & creditworthiness
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Issue of Share at Premium- Limited Scrutiny- Jurisdiction of AO
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Sec. 56(2)(viib) Assessee can adopt a method of his choice to determine FMV of shares transferred
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SC on Taxability of interest on share application money deposited in bank
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Sec. 56(2)(viib) not applicable to startups having paid up share capital upto Rs. 10 crore
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Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift
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Section 80P: Interest on Surplus Fund invested in Short Term Deposits is Other Income
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Income Tax
