Income tax section 56 2 vii b
WebRevision u/s 263 by CIT - non-invocation by AO of Section 56(2)(vii)(b) to the transaction of immovable property, being land, purchased by the assessee as a co-owner along with other two persons - contention being that the property was purchased for a sum far below its stamp duty value and thus warranted the addition to be made to the income of the …
Income tax section 56 2 vii b
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WebMar 2, 2024 · March 26, 2024. In the case of Vodafone Idea, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that TDS is not deductible on payment of … Webprovisions of Regulations section 1.1502-77 apply to the extent not modified by section 6402(k) and Regulations section 301.6402-7. In addition, the filing of Form 56-F is a …
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. WebForm 56 is used to notify the IRS of the creation or termination of a fiduciary relationship under section 6903 and provide the qualification for the fiduciary relationship under …
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. Webprovision of section 56(2)(vii) of the Act was introduced as a counter evasion mechanism to prevent laundering of unaccounted income. The Tribunal further observed that the intent …
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: …
WebJun 20, 2013 · S. 56 (2) (vii) (b): Controversies Arising After Amendment By FA 2013. S. 56 (2) (vii) (b), as substituted by the Finance Act 2013, provides that if immovable property is … smart choice lawWebMar 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 … smart choice insurance customer serviceWebOct 11, 2024 · (b) The Id. CIT (A) erred in facts and law in not appreciating that the appellant had applied for and was allotted shares in right issue only to the extent to which he was entitled to in proportion of his existing-shareholding and therefore section 56 (2) (vii) (c) (ii) ought not have been invoked. smart choice learningWebAug 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 smart choice ladderWeb2 days ago · “The benefit of rollover of capital gains under section 54 of the Income-tax Act will be increased from investment in one residential house to two residential houses for a taxpayer having capital gains up to ` 2 crores. ... (who will be the ultimate beneficiaries) as listed out in section 56(2)(vii) of the Act and all of them -the settlor and ... smart choice landscapesWebFMV and the consideration paid was taxable under section 56(2)(vii) of the ITA. ─ The taxpayer had, inter alia, relied on an earlier ruling2 of the Mumbai Bench of the Income-tax Appellate Tribunal (ITAT), wherein it was held that in case of proportionate allotment of shares, there would be no taxability under section 56(2)(vii)(c)(ii ... smart choice learning centerWebExample: 1. 54B Capital gain exempt agriculture land transfer Example: 2. fees for technical services no PE “in india” smart choice logistics co