Impact of section 50CA on section 56(2)(x)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mpact of section 50CA on section 56(2)(x)<br> Query (Issue) Started By: - Debtosh Dey Dated:- 10-1-2020 Income Tax<br>Income Tax<br>Section 56(2)(x) of Income Tax Act dealing with gifts exempts certai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n donees (transferees) from tax on income from other sources e.g. gifts from relatives, marriage gifts, etc. Also, section 47 excludes gifts from capital gains tax in the hands of the doner (transfero....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r). However, it appears from Memorandum to Finance Bill (no.2) 2019 that section 50CA introduced w.e.f. 01-Apr-18 is a special provision requiring valuation of such unlisted shares, makes no exceptio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n to transactions exempted under section 56(2)(x). It is clear that memorandum seeks to amend the provisions empowering CBDT to prescribe classes of persons entitled to exemptions under these sections....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... My question is : Is there any circular since issued by CBDT for the exemptions? In other words, are exempted transactions u/s 56(2)(x) protected after introduction of section 50CA? Debtosh Dey M.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Sc (Engg), FIE, Chartered Engg (I), FCMA, FCS, LL.B.<br> Discussion Forum - Knowledge Sharing ....