Income Tax Act Section 56 as per Budget 2017-18

Budget 2017-18, Income Tax Act Section 56

 

Income Tax Act Section 56 as per Budget 2017-18It is proposed to widen the scope of section 56 of the Income-tax Act to provide that any money, immovable property or specified movable property received without consideration or with inadequate consideration, by any person, subject to certain exemption and exceptions, shall be taxable if its value exceeds rupees fifty thousand.

 

 

 

 

 

 

 

 

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