Residential house property letting income taxed under 'Income from house property', not 'Business income'. Section 28 amended for clarity from AY 2025...
TDS on property transfer based on aggregate payment to all sellers, not individual payments below Rs. 50L. Prevents misinterpretation. Effective 1/10/...
Proposes inserting Section 55A in the Prohibition of Benami Property Transactions Act, 1988 to allow the Initiating Officer to tender immunity from penalty to benamidars or abettors, other than beneficial owners, for offenses u/s 53, subject to full disclosure of benami transaction details. The immunity can be withdrawn if conditions are not met or false evidence is provided. This aims to gather evidence against beneficial owners by incentivizing benamidars to cooperate, considering their often poor means. The amendment takes effect from October 1, 2024.
Proposes inserting Section 55A in the Prohibition of Benami Property Transactions Act, 1988 to allow the Initiating Officer to tender immunity from penalty to benamidars or abettors, other than beneficial owners, for offenses u/s 53, subject to full disclosure of benami transaction details. The immunity can be withdrawn if conditions are not met or false evidence is provided. This aims to gather evidence against beneficial owners by incentivizing benamidars to cooperate, considering their often poor means. The amendment takes effect from October 1, 2024.
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