WebThe Ld. A.O. is therefore, wrong and has erred in law in applying the provisions of section 56 (2) (vii) (b) in respect to agricultural land purchased by the assessee within the meaning of section 2 (14) (iii) by wrongly holding that same applies to all immovable property being land or building or both. It is therefore requested that the addition of Rs. 14,01,540/- made … WebHowever, for a transferee who treats the property as stock-in-trade, provisions of sec. 56(2)(x) would not apply, and the actual payment made by him for the purchase of …
Why buying property at lower than stamp duty value is not a good …
Web12 May 2024 · Section 56(2)(x) of the Act was introduced vide Finance Act, 2024 and was applicable w.e.f A.Y. 2024-19 onwards as against the erstwhile provisions of Section … WebSub clause (c) of Section 56 (2)(vii) deals with the identical situation but in case of property other than immovable property the section as defined the term, fair market value, jewellery, property relatives, stamp duty and accordingly all such gifts in cash or in kind for a value exceeding Rs.50,000/- had been taken care of. boxerwood nature center
Section 56(2)(x) - Income Tax Act - IndiaFilings
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 ... WebTax authority after insertion of section 56(2)(vii)(b) is applying the levy of penalty on misreporting of Income which is at all not become the actual income of the Assessee. For example when an assessee purchased an immovable property at a considerable price which becomes the lower of the stamp duty value as Web10 Aug 2024 · Section 56 (2) (x) of the Income Tax Act ('IT Act') provides that where any person receives any property (including shares of a company) for a consideration less … gun violence by type