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of <h1>Amendment Exempts Certain Properties and Shares from Income Tax Provisions, Effective April 2020.</h1> The Income-tax (14th Amendment) Rules, 2020, effective from April 1, 2020, amend the Income-tax Rules, 1962, specifically rule 11UAC. The amendment exempts certain immovable and movable properties from the provisions of clause (x) of sub-section (2) of section 56. It applies to immovable property in unauthorized colonies in Delhi, regularized by the government, and certain unquoted shares received by shareholders under specific conditions involving company restructuring. Additionally, it covers equity shares of reconstructed banks allotted under specific schemes. The amendment ensures no adverse effects from its retrospective application.
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