urban immovable property tax act 1958 pdf editor

1-6-2010 further amendment was made and a clause (viia) was inserted to bring a firm and a company also in tax net and value of shares received by a firm or a company of any other company, not being a company in which the public is substantially interested, was made chargeable to tax as deemed income if same is received without consideration or for a consideration less than the fair market value if the amount was exceeding ₹ 50,000/. 1-10-2009 provisions were amended and in addition to taxability of money received, receipt of immovable property or any other property either without consideration or for a consideration less than the stamp duty value or fair market value was also brought within the tax net. In order to provide exemption to receipt of money in genuine circumstances, it was provided in aforesaid clause (v) that any amount received from a relative or on the occasion of marriage or in certain other circumstances specified therein same will not be taxable. 1-4-2005 in section 56(2) of the Act to provide that any sum of money received by an assessee being individual or HUF exceeding ₹ 25,000/- will be deemed to be income and will be chargeable to tax as income under the head “Income from Other Sources”. Clause (v) was inserted vide Finance (No.

In view of misuse of exemption available under the Income-tax Act from chargeability of the tax, it had become necessary to insert deeming provisions in section 56(2) of the Act. Practically, however, it had happened that after provisions of Gift-tax Act ceased to be in force the influential persons were able to get gifts from large number of persons and, accordingly, huge money received by an assessee was being shown as gift and same was not considered in the nature of income chargeable to tax under the Gift-tax Act. It was also stated that provisions of Income-tax Act were sufficient to take care of an attempt for tax evasion. The reason for deleting the levy of gift tax on the gifts made by a person was that provisions had neither yielded any substantial revenue nor had fulfilled the objective of combating the tax evasion. 2) Act, 1998, it was provided that no tax will be leviable in respect of the gifts made on or after 1-10-1998. Gift-tax Act 1958, was in force in India and gifts made by a person were chargeable to tax.

Urban immovable property tax act 1958 pdf editor