TMI BlogImpact of section 50CA on section 56(2)(x)X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 56(2)(x) of Income Tax Act dealing with gifts exempts certain donees (transferees) from tax on income from other sources e.g. gifts from relatives, marriage gifts, etc. Also, section 47 e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xcludes gifts from capital gains tax in the hands of the doner (transferor). However, it appears from Memorandum to Finance Bill (no.2) 2019 that section 50CA introduced w.e.f. 01-Apr-18 is a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecial provision requiring valuation of such unlisted shares, makes no exception to transactions exempted under section 56(2)(x) . It is clear that memorandum seeks to amend the provisions empowering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CBDT to prescribe classes of persons entitled to exemptions under these sections. My question is : Is there any circular since issued by CBDT for the exemptions? In other words, are exempted trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions u/s 56(2)(x) protected after introduction of section 50CA ? Debtosh Dey M.Sc (Engg), FIE, Chartered Engg (I), FCMA, FCS, LL.B. - Impact of section 50CA on section 56(2)(x) - Query ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Started By: - Debtosh Dey Dated:- 10-1-2020 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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