9911796707
TMI BlogAmendment of section 56.X X X X Extracts X X X X X X X X Extracts X X X X ..... received by a unit holder from a business trust which-- (a) is not in the nature of income referred to in clause (23FC) or clause (23FCA) of section 10; and (b) is not chargeable to tax under sub-section (2) of section 115UA: Provided that where the sum received by a unit holder from a business trust is for redemption of unit or units held by him, the sum so received shall be reduced by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d insurance policy" shall have the meaning assigned to it in Explanation 3 to clause (10D) of section 10.'. - Clause 32 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Sub-section (2) of the said section provides for incomes that are chargeable to income tax under the head "Income from other sources". The provisions of clause (viib) of sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to income-tax under the head "income from other sources" shall also include any sum received by a unit holder from a business trust which-- (a) is not in the nature of income referred to in clause (23FC) or clause (23FCA) of section 10; and (b) is not chargeable to tax under sub-section (2) of section 115UA. It is also proposed to insert a proviso to the said clause (xii) of the said sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s exceeds the aggregate of the premium paid, during the term of such life insurance policy, and not claimed as deduction in any other provision of the Act, computed in the manner as may be provided by rules shall be chargeable to income-tax under the head "Income from other sources". It is also proposed to define the expression "unit linked insurance policy" for the purposes of the said clause. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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