Income from other sources - tax on gifts and receipt of any money or immovable property or specified movable property without or inadequate consideration - Scope of Section 56 expended - all categories of assessees shall be taxable - Budget 2017-18 w.e.f. AY 2018-19

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Full Text of the Document

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....nt of section 56. THE FINANCE BILL, 2017 Clause 29 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The existing provisions of clause (vii) of sub-section (2) of the said section provide for taxability in the hands of individual or Hindu undivided family on receipt of any money or immovable property or specified movable property without or inade....