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TMI BlogIncome from other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... n" ;] (ii) income from machinery, plant or furniture belonging to the assessee and let on hire, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession"; (iii) where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings, and the letting of the buildings is inseparable from the letting of the said machinery, plant or furniture, the income from such letting, if it is not chargeable to income-tax under the head "Profits and gains of business or profession"; 5[(iv) income referred to in sub-clause (xi) of clause (24) of section 2, if such income is not chargeable to income-tax under the head "Profits and gains of business or profession" or under the head "Salaries";] 6[(v) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004 7[but before the 1st day of April, 2006], the whole of such sum : Provided that this clause shall not apply to any sum of money received- (a) from any relative; or (b) on the oc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idual; (vii) spouse of the person referred to in clauses (ii) to (vi).] 11[(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 26[ but before the 1st day of April, 2017 ],- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; 21[(b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part there ..... 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" 14[means the following capital asset of the assessee, namely:-] (i) immovable property being land or building or both; (ii) shares and securities; (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; 15[***] (viii) any work of art; 16[or] 17[(ix) bullion;] 19[(e) "relative" means,- (i) in case of an individual- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spouse of the person referred to in items (B) to (F); and (ii) in case of a Hindu undivided family, any member thereof]; (f) "stamp duty value" means the value adopted or assessed orassessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of an immovable property;] 18[(viia) where a firm or a company not being a company in which the public are substantially interested, rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equence of the misreporting referred to in sub-section (8) and sub-section (9) of section 270A for the said previous year.] 60[Provided also that the provisions of this clause shall not apply on or after the 1st day of April, 2025.] Explanation.-For the purposes of this clause,- (a) the fair market value of the shares shall be the value- (i) as may be determined in accordance with such method as may be prescribed; or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares, of its assets, including intangible assets being goodwill, know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, whichever is higher; 34[(aa) "specified fund" means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a category I or a Category II Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012 made under the Securiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s may be prescribed], on or before the date of agreement for transfer of such immovable property: Provided also that where the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in subsection (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections; 51[Provided also that in case of property being referred to in the second proviso to sub-section (1) of section 43CA, the provisions of sub-item (ii) of item (B) shall have effect as if for the words "ten per cent.", the words "twenty per cent." had been substituted;] (c) any property, other than immovable property,- (A) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property; (B) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation.-For the purposes of clauses (XII) and (XIII) of this proviso, "family", in relation to an individual, shall have the same meaning as assigned to it in Explanation 1 to clause (5) of section 10.] 55[Provided further that clauses (VI) and (VII) of the first proviso shall not apply where any sum of money or any property has been received by any person referred to in sub-section (3) of section 13.] 56[Explanation.-For the purposes of this clause,- (a) the expressions "assessable", "fair market value", "jewellery", "relative" and "stamp duty value" shall have the same meanings as respectively assigned to them in the Explanation to clause (vii); and (b) the expression "property" shall have the same meaning as assigned to it in clause (d) of the Explanation to clause (vii) and shall include virtual digital asset.]] 31[(xi) any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto.] 59[(xii) any specified sum received by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -4-2005. Earlier clauses (e) to (f) were inserted by the Taxation Laws (Amendment) Act, 2006, w.e.f.13-7-2006. 9. Inserted by the Taxation Laws (Amendment) Act, 2006, w.e.f.1-4-2007. 10. Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-10-2009 11. Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-10-2009 12. Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-4-2010 13. in clause (vii), For sub-clause (b), the following sub-clause has been substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009, vide Finance Act, 2010 before this it was read as, " (b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration". 14. In the Explanation, in clause (d), in the opening portion, for the word "means-", the words "means the following capital asset of the assessee, namely:-" has been substituted and shall be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (NO. 2) ACT, 2019 w.e.f. 01-04-2020 33A. As per the Finance (No.2) Act, 2019, as notified it is "under reported the income" while as per the Debate while passing the Finance (No.2) Bill, 2019, it is "underreported the said income" 34. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 35. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2017 before it was read as "clause (b) of section 145A" 36. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 before it was read as "bank account" 37. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 38. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as "section 12AA" 39. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as "section 12AA" 40. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as "section 12AA" 41. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as "five per cent." 42. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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