WebJun 6, 2024 · The compilation will prove invaluable as a ready-reckoner of all important case laws on section 56(2) of the Act. 1. INTRODUCTION: ... Still people will plan on … WebThe following income, it shall be chargeable to income tax under the head "income from other sources" as per section 56 (2) (x): Particulars of Income. Amount Taxable under …
Tax Alert Delivering clarity - Deloitte
WebJan 18, 2024 · Section 9B of the Income-tax Act, 1961 is a deeming provision. Section 43CA, section 50C or section 56(2)(x)(b) of the Income-tax Act, 1961 are also deeming provisions. Therefore, in our view one deeming fiction cannot be applied to another. In the case of Asstt. CIT v. http://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-Shri-Subhodh-Menon.pdf gorset cheneau
Amendments with respect to Section 56 (2) (x) and 50CA
WebAug 7, 2024 · In this context, a question arises whether Section 56 (2) (x) of the Act would apply to a cancellation of shares by an Indian issuer company, pursuant to a capital … WebOct 1, 2024 · Section 56(2)(x) of Income Tax Act dealing with gifts exempts certain donees (transferees) from tax on income from other sources e.g. gifts from relatives, marriage gifts, etc. Also, section 47 excludes gifts from capital gains tax in the hands of the doner (transferor). However, it appears from Memorandum to Finance Bill (no.2) 2024 that … WebAug 28, 2024 · Liability under Section 56(2)(x) of the Income Tax Act, 1961. When a share transfer happens, it makes the existing shareholders realize whether it is a gain or loss on such a transfer of shares. Now, the taxation of the gains on the transfer of shares would rely on the factor of whether the transferred shares are held as capital assets or as stock-in … chic necklace gold