Income to Unit Holder from Business Trust - Section 56(2)(xii) - Income Tax - Ready Reckoner - Income Tax

Income to Unit Holder from Business Trust - Section 56(2)(xii) [ New clause added by Finance Act, 2023 w.e.f. 01st April 2024 ] Where any specified sum received by a unit holder from a business trust during the previous year, with respect to a unit held by him at any time during the previous year. Explanation. For the purposes of this clause, ''specified sum'' shall be computed in accordance with the following formula, namely: Specified sum= A-B-C (which shall be deemed to be zero if sum of B and C is greater than A) , where A = aggregate of sum distributed by the business trust with respect to such unit, during the previous year or during any earlier previous year or years, to such unit holder, who holds such unit on the date of distribution of sum or to any other unit holder who held such unit at any time prior to the date of such distribution, which is, (a) not in the nature of income referred to in section 10(23FC) or 10(23FCA) ; and (b) not chargeable to tax under section 115UA(2) ; B = amount at which such unit was issued by the business trust; and C = amount charged to tax under this clause in any earlier previous year.