Income from other sources - tax on gifts and receipt of any money or immovable property or specified movable property without or inadequate consideration - Scope of Section 56 expended - all categories of assessees shall be taxable - Budget 2017-18 w.e.f. AY 2018-19

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..... dment of section 56. THE FINANCE BILL, 2017 Clause 29 of the Bill seeks to amend section 56 of the Income-tax Ac t relating to income from other sources. The existing provisions of clause (vii) of sub-section (2) of the said section provide for taxability in the hands of individual or Hindu undivided family on receipt of any money or immovable property or specified movable prope .....

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..... urther, the existing exception contained in the said section is proposed to be rationalised by including certain additional exceptions consequently, it is proposed to sun set clauses (vii) and (viia) of sub-section (2) of the said section. This amendment will take effect from 1st April, 2017. - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Management India .....

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