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        F. Acts / Amendment Acts

        Section 16 - Amendment of section 56.

        Finance Act, 2022
        Chapter III
        DIRECT TAXES - Income-tax

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        Gifts and receipts under Section 56 amended to exempt specified COVID-19 medical and death-related payments and expand property definition. Amendments to Section 56 widen regulatory coverage to include instruments regulated under the International Financial Services Centres Authority Act, introduce COVID-19 specific exemptions for medical treatment reimbursements and death-related payments to family members (subject to conditions, timeliness, and monetary limits), add a proviso excluding certain prior provisos where recipients fall within the charitable-recipient provision, and substitute the Explanation to harmonize key terms and expressly include virtual digital asset within the definition of 'property.'
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Gifts and receipts under Section 56 amended to exempt specified COVID-19 medical and death-related payments and expand property definition.

                                Amendments to Section 56 widen regulatory coverage to include instruments regulated under the International Financial Services Centres Authority Act, introduce COVID-19 specific exemptions for medical treatment reimbursements and death-related payments to family members (subject to conditions, timeliness, and monetary limits), add a proviso excluding certain prior provisos where recipients fall within the charitable-recipient provision, and substitute the Explanation to harmonize key terms and expressly include virtual digital asset within the definition of "property."


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