According to section 50 of Income tax Act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain. Section 50 modifies the provisions […]
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 […]