Income tax section 56 2 vii b
WebAmendment of section 56. 29. In section 56 of the Income-tax Act, in sub-section (2), —. in clause ( vii ), after the figures, letters and words "1st day of October, 2009", the words, figures and letters "but before the 1st day of April, 2024" shall be inserted; in clause ( viia ), after the figures, letters and words "1st day of June, 2010 ... WebAug 17, 2024 · The provisions of section 56 (2) (vii) (b) (ii) came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. In the instant case, the assessee had entered …
Income tax section 56 2 vii b
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Web(B) section 904 were applied on the basis of alternative minimum taxable income instead of taxable income, and (C) the determination of whether any income is high-taxed income for purposes of section 904(d)(2) were made on the basis of the applicable rate specified in section 55(b)(1) in lieu of the highest rate of tax specified in section 1. WebSep 23, 2014 · Query on Section 56(2)(vii)(b) - Income Tax. 23 September 2014 Dear experts, As per finance bill 2013, (A/Y 2014-15) the purchaser of the immovable property …
WebMar 16, 2024 · ITAT Held. The Mumbai Tribunal held that the provisions of section 56 (2) (vii) were introduced as an anti-abuse measure and to prevent the laundering of unaccounted income under the garb of gifts after the abolition of the Gift Tax Act. In line with the intent of legislatures, CBDT issued Circular No. 10/2024 on 31-12-2024 clarifying … WebMay 7, 2024 · Section 56(2)(viib) was inserted via Finance Act, 2012. The objective of introducing the section was to deter the generation and use of unaccounted money done …
WebApr 12, 2024 · Upto 31/03/2024 TDS is required to be deducted @1% on 55 lacs. From 01/04/2024 TDS is required to be deducted @ 1% on 65 lacs. The difference of 10lacs will be taxable in hands of buyer u/s 56(2)(vii) under head Income from Other Sources and Seller is required to calculate capital gains taking sale consideration Rs. 70 lacs. Case-2: 80 lacs: … WebThe tax authorities on the other hand contended that section 56(2)(vii)(b) did not have a proviso similar to that of section 50C(1), the provisions of section 56(2)(vii)(b) must be interpreted strictly, and accordingly, the CIT(A)’s order should be upheld. Decision of the ITAT. The ITAT noted the following:
WebApr 11, 2024 · ITAT Delhi held that addition under section 69A of the Income Tax Act sustainable on failure to provide reasonable explanation of the sources and justification . ... has received the impugned amount as a gift in her bank account from her relatives and as per provisions laid in Sec 56(2)(vii) of the act the gifts received from relatives is not ...
WebAug 27, 2024 · Section 56 (2) (vii) (b) of Income Tax Act 1961. Mr.A booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total … highway undergroundWebSection: 56(2)(vii) Income from other sources- Gift to HUF by uncle There is no restriction from accepting gift from your real uncle (your father’s younger brother) for your HUF … small tipper trucks for sale nswWebMay 23, 2024 · The AO sought to tax the difference between fair value and issue price in the hands of assessee invoking section 56(2)(vii) [Predecessor to section 56(2)(x)] . The ITAT Mumbai Bench held that as long as, there is no disproportionate allotment, i.e., shares are allotted pro rata to the shareholders, based on their existing holdings, there is no ... highway unit 1WebMar 15, 2024 · Moreover Section 56(2)(vii)(b) of Income Tax Act 1961 which was effective from 01.10.2009 only, while documents of transfer in the form of gift deed was executed … highway unicorn lady gaga lyricsWeb23 SB 56/AP S. B. 56 - 3 - 43 state withholding tax so long as such contribu tions are not includable in gross income for 44 federal income tax purposes. 45 (2) Notwithstanding any conflicting provisions of paragraph (1) of this subsection, for 46 any deferred compensation plan established pursuant to said paragraph, the Board of highway unit 3WebSection 56(2)(viia) of the Income-tax Act, 1961 ('Act') provides for taxation of income where a ... Hence, the provisions of section 56(2)(viia) of the Act shall not be applicable in cases of receipt of shares by the specified company or firm as a result of fresh issuance of shares as mentioned in para 2 above, by the specified company. ... highway unit 2WebAug 27, 2024 · Therefore, the Stamp Duty value as on the date of entering into an agreement i.e., FY 2010-11 must be considered for the purpose of section 56(2)(vii)(b) of the Act. Therefore, on merits, no addition can be made as the registration of the agreement relates back to FY 2010-11. small tip out trays for drawer fronts