Widening scope of Income from other sources :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 29 | Widening scope of Income from other sources |
Sec 56(2) Inserted new clause(x) |
Amended | 01.04.17 | It is proposed that receipt of the sum of money or the property by any person without consideration or for inadequate consideration in excess of Rs. 50,000 shall be chargeable to tax in the hands of the recipient under the head “Income from other sources”.
It is also proposed to widen the scope of existing exceptions by including the receipt by certain trusts or institutions and receipt by way of certain transfers not regarded as transfer under section 47. The exclusion of certain persons as per section 2(31) not stated in earlier 56(2)(vii) & 56(2)(viia) no longer available. |