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of <h1>Finance Bill 2017 amends Section 56, expanding tax on assets received without adequate consideration, with specific exceptions.</h1> Clause 29 of the Finance Bill, 2017 amends section 56 of the Income-tax Act, expanding the taxability of assets received without or for inadequate consideration. The amendment introduces clause (x) in sub-section (2), applying to all assessees receiving money, immovable property, or other property exceeding fifty thousand rupees in value. It specifies exceptions, including transactions with relatives, under a will, or from certain institutions. The amendment rationalizes existing exceptions and sunsets clauses (vii) and (viia), effective from April 1, 2017. This aims to ensure broader tax coverage on such transactions.
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