Extending deeming provision under section 9 to gift to not-ordinarily resident

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..... nter-alia, is deemed to accrue or arise in India during a year is chargeable to tax. Sub-section (1) of section 9 of the Act is a deeming provision providing the types of income deemed to accrue or arise in India. 2. Finance (No. 2) Act, 2019 inserted clause (viiii) to sub-section (1) of section 9 of the Act to provide that the any sum of money exceeding fifty thousand rupees, received by a non .....

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..... to sum of money exceeding fifty thousand rupees, received by a not ordinarily resident, without consideration from a person resident in India. 6. This amendment will take effect from 1st April, 2024 and will accordingly apply to assessment year 2024-25 and subsequent assessment years. [ Clause 4] Full Text : Union Budget 2023-24 + FINANCE Bill, 2023 - FAQ - Frequently A .....

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