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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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

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....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....

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....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....

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....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....

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....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....

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..... 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.....

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

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