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of <h1>Finance Bill 2017 amends Section 56, taxing all assessees on gifts/assets over Rs. 50,000; effective April 2017.</h1> The Finance Bill, 2017 proposes an amendment to Section 56 of the Income-tax Act, expanding the scope of taxable income from gifts or assets received without adequate consideration. Previously, only individuals, Hindu undivided families, firms, and closely held companies were taxed under specific conditions if the value exceeded fifty thousand rupees. The new clause (x) extends this taxability to all categories of assessees, while also revising existing exceptions and phasing out clauses (vii) and (viia). This amendment is effective from April 1, 2017, applicable from the assessment year 2018-19.
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