#section 56
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811 articlesIncome Tax

Income Tax
Interest on compensation for personal disability cannot be taxed
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Capital Gain on Share recd by Individual/HUF on demerger/ amalgamation?
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Step-son falls within the ambit of relative for Gift – Section 56(2)
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Section 56(viib): Tax on Issue of Shares at more than Fair Market Value
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No Addition U/s. 56 for Immovable Property received at less than stamp duty value
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To avail Section 32(2) depreciation claim it’s not necessary that business carried on in following previous year
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Receipt without consideration (Gift) from Non-Relatives – A Tool for Tax Planning
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Gift Receipt without Consideration to Persons other than Individuals & HUF
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Taxability of unlisted shares received by closely held company, firm or LLP for inadequate consideration
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Gift to be treated as genuine if identity of donors is genuine & source of gift stays explained
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Entries write back in absence of explanation is assessable as income
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Taxability of Transactions in Real Estate Sector
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HUF will be treated as Relative u/s 56(2)(vi)
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