WebIncome Tax Addition u/s 56 (2) (vii) (b) - difference in value in respect of the subject properties - there cannot be two different fair market value in respect of the very same property, i.e. one at the hands of the seller and the other at the hands of the buyer. WebJan 27, 2024 · Section 56 (2) (vii) (b) was amended by the Finance Act, 2013 w.e.f. 01.04.2014 or Assessment Year (AY) 2014-15 to cover inter alia any receipt of …
Section 56(2)(vii)(b) Not Applicable if It Is Not Enacted as …
WebAug 27, 2024 · section 56(2)(vii) will have application to the 'property' which is in the nature of a capital asset of the recipientand therefore would not apply to stock-in-trade, raw material and consumable stores of any business of such recipient. [Emphasis supplied] Further, the expression "receive" has not been defined WebAug 7, 2024 · 56(2)(x) of the Income-tax Act, 1961 (“Act”) ... B. The provisions of section 56(2)(vii) were introduced as a counter evasion mechanism to prevent laundering of unaccounted income under the garb of gifts, particularly after abolition of the Gift Tax Act. The provisions were intended to extend the tax net to such transactions in kind. mcef remastered 1.12.2
Section 56(2)(vii) applicable to ‘property’ in the nature …
WebMar 28, 2024 · 56 (2) (vii) the Income-tax Act, 1961 - (i) Akhil HUF received Rs. 75,000 in cash from niece of Akhil (i.e., daughter of Akhil’s sister). Akhil is the Karta of the HUF. View Answer (ii) Nitisha, a member of her father’s HUF, transferred a house property to the HUF without consideration. The stamp duty value of the house property is Rs. 9,00,000. 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 ... WebJul 1, 2024 · The Tribunal noted that section 56 (2) (viii) (b) (ii) clearly stipulated that where any immoveable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding Rs.50000/-, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the … mce hotcopper