GIFT OF AGRICULTURAL LAND WHETHER COVERED BY PROVISIONS OF SECTION 56(2)(x)/56(2)(vii)

Section 56(2)(x)(b) provides for taxation of immovable property received by any person under certain circumstances.  These circumstances are: (A) immovable property received without consideration and the stamp duty value of such property exceeds Rs.50,000.  In such circumstances, the stamp duty value of such property is taxable. (B) immovable property received for a consideration and the […]

TAXATION OF ALIMONY IN INDIA

The term “Income” is defined in section 2(24). The said definition is an inclusive one. Therefore, the term “income” not only includes those receipts which are stated in section 2(24) but also includes such things / receipts which the term embraces according to its natural and general meaning.  Income is embedded in receipts which a […]

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