Income From Other Sources- Section 56 (2)(Vii) Unequal treatment of all equals
Oct 21, 2009 Income Tax
The Budget 2009-2010 amended the Income Tax Act so as to tax notional income resulting from transactions in immovable properties under section 56 i.e. Income from other sources. Our focus in this write-up will be only on newly inserted provisions in section 56 pertaining to Immovable Property which is bound to result in more questions than their answers.
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Tags: archaeological collections, Budget, drawings, immovable properties, immovable property, inadequate consideration, income tax act, Lalit Munoyat, paintings, provisions, relatives, sculptures, section 56, stamp duty, SUBHASH PARAKH, sum of money, taxation, work of art