WebCase Studies Answers - Western India Regional Council of ICAI Web6 May 2024 · Gifts received from any other person. Section 56 (2) (x) of the Income Tax Act, 1961 deals with the taxability of the gifts received by the person during the year except an employer. This provision is applicable notwithstanding the residential status or class of assessee. The donor or donee can be an individual, partnership firm, LLP, company ...
Valuation Requirement under Income Tax - Proxcel
Web20 Jan 2024 · On a perusal of pre-amended provisions of Section 56 (2) (vii) (b) of the Act, we gather that where an individual or HUF receives from any person any immovable … Web21 Jan 2024 · 10. What are the exceptions to section 56(2)(x) of the Income Tax Act? Gifts (i.e. money, immovable property and movable property) received from the following person or situation is not taxable: from any relative or; on the occasion of the marriage of the individual or; under a will or by way of inheritance or; due to the death of the payer or ... role of finance in disaster management
All About Provision of Section 56(2)(X) of Income Tax Act, 1961 - T…
Web5 Feb 2024 · Section 56 (2) (x) is applicable to all types of assessees. The implications of section 50C or 43CA read with section 56 are quite intense for both the parties i.e. buyer as well as seller of the property. In case where the property is undervalued as compared to the stamp duty valuation, then the undervalued portion is taxable in the hands of ... Web18 May 2024 · Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04.2024 during … Web20 Nov 2024 · 5.2 Valuation of shares and securities u/s 56 (2) (x) (Applicable to recipient of shares and securities) As per section 56 (2) (x) (c) where a person receives any property other than immovable property without consideration or for a consideration less than fair market value of such property by an amount exceeding Rs. 50,000, the difference ... role of financial innovation