Answers On Topic: section 56(2)(x)
One immovable property (flat)was purchased before 01/04/2017 for which all payments were made before 01/04/2017. allotment of the property as well as possession was given before 01/04/2017. However, due to some reasons the registration (purchase deed) was done after 01/04/2017. As we all know that section 56(2)(x) of the I.T Act came into effect from 01/04/2017 my question is that will provisions of section 56(2)(x) of the I.T Act will be attracted in this case?
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is it taxable if purchase of sali land is below the stamp value u/s 56(2)x
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An individual settles his property to a private discretionary trust which has beneficiary as his brothers, brothers' wife, brothers' children and their spouses and their children. Since all the persons do not come within the definition of relative as defined in explanation to 56(2)(vii) , it may not be covered by the exception provided by proviso (X) to 56(2)(x). Question is, it being a discretionary trust where the individual shares are not defined, will section 56(2)(x) apply? If applied then how will one compute taxable part?
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Let's say one of the share holder, A (Non- resident), of ABC Pvt has renounced his right to subscribe to right issue to D (Non- resident). Would D attract provisions of sec 56(2)(x)? Also what would be the tax implication on A?
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Section 56(2)(x) of the I.T Act