#section 56
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811 articlesIncome Tax

Income Tax
Finance Bill 2010: Deemed gifts under the Income Tax Act
Income Tax

Income Tax
Comprehensive Note on gifts, deemed gifts and deemed under-valuations incorporating proposals by the Finance Bill, 2010
Income Tax

Income Tax
Summary of Important Income tax provisions: Union Budget 2010-11
Goods and Services Tax

Goods and Services Tax
MVAT Notification on Delegation of Powers
Income Tax

Income Tax
Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment
Income Tax![Taxability of gift as Income from Other Sources u/s. 56 [2][vii]](https://taxguru.in/wp-content/uploads/2026/07/Income-Tax-1.jpg)
![Taxability of gift as Income from Other Sources u/s. 56 [2][vii]](https://taxguru.in/wp-content/uploads/2026/07/Income-Tax-1.jpg)
Income Tax
Taxability of gift as Income from Other Sources u/s. 56 [2][vii]
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Section 56(2) Deemed Gifts & transfer of movable & immovable property
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Income Tax
Income From Other Sources- Section 56 (2)(Vii) Unequal treatment of all equals
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Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009
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Direct Tax code may bring ULIP & Life Insurance Plan under tax net
Income Tax

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Interest Free Loan from a non-relative is not liable to tax
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Income Tax
Agricultural land which is gifted cannot be taxed as income from other sources
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Income Tax
