Business income or Income from house property or Income from other sources-Single Transaction in the course of business
The main object of the company is leasing of the premises. The company is having only one property shown as investment in the books of account and the said property is given on lease to third party as per the object of the company. Therefore, income from leasing is to be shown under the head “Profits and gains of business or profession”.
Whether Installment Received Of Money Back Policy Is Liable To Tax?
From the facts, it is clear that Mr. X has taken money back insurance policy called as New Bima Bachat Policy. As per the terms of the said policy, it is a single premium payment policy, where sum assured will be paid back to the policy holder in the form of survival benefit periodically.
Whether Revocation Of Gift Of Immovable Property Is Liable To Tax?
A gift to non relative would attract section 56(2) and would be assessed in the hands of the recipient. In such case section 50C would not be attracted. Section 50C would be attracted when there is transfer of capital assets
Whether Gift Received Of Agricultual Land Is A Property For Section 56?
Yes, stamp duty value of agricultural land received without consideration exceeding Rs. 50,000/- is chargeable u/s. 56(2)(vii) of the Act except property received from relatives. The explanation (d) to the section
Whether Gift From Nana / Nani Liable To Tax In The Hands Of Child?
As per Explanation to section 56(2)(vii) “relative“ means in case of an individual: (A) Spouse of the individual (B) Brother or sister of the individual
How To Prove Gift Received From NRI Relative?
Section 56(2)(vii) of the Income tax Act, 1961 reads as under: “Where an individual or a Hindu Undivided Family receives, in any previous year, from any person or persons on or after
Whether Gift Received By HUF From Its Member Liable To Tax?
U/s. 56(2)(vii) where an individual or HUF receives, in any previous year, from any person or persons on or after October 1, 2009, any sum of money without consideration the aggregate value which
Whether Gift Of Unquoted Shares By One Company To Another Company Is Liable To Tax?
Section 2(31) of the Act defines a “person”, which include (i) an individual, (ii) a HUF (iii) a company, (iv) a firm, (v) an AOP or BOI, whether incorporated or not (vi) a local authority and (vii) every artificial judicial person
Whether Gift From Brother’s Son Is Liable To Tax U/s. 56?
Section 56(2)(vii) of the Income-tax Act, 1961 reads as under: “Where an individual or a Hindu Undivided Family receives, in any previous year,