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of <h1>Income-tax Act Section 56 Amended: Property Proviso Percentage Increased, New Clauses Added Effective April 2022.</h1> Section 56 of the Income-tax Act has been amended by the Finance Act, 2021. In sub-section (2), clause (x), sub-clause (b), item (B), a new proviso is added to modify the effect of sub-item (ii) for certain properties, increasing the percentage from ten to twenty percent. Additionally, in the proviso, clause (IX), new clauses (viiac), (viiad), (viiae), and (viiaf) are inserted, effective from April 1, 2022.
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