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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 ..... ncome 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 occasion of the marriage of the individual; or ( c ) un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividual 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 thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ological 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, receives, in any previous year, from any person or persons, on or after the 1st day of June, 2010 27 [ but before the 1st day of April, 2017 ], any property, being shares of a company not being a company in which the pub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 Securities and Exchange Board of India Act, 1992 (15 of 1992.) 53 [ or regulated under the 58 [ International Financial Services Centre Authority (Fund Management) Regulations, 2022 made under the ] International Financial Services Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing 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 fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration: Provided that this clause shall not apply to any sum of money or any property received- (I) from any relative; or (II) on the occasion of the marriage of the individua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 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- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (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 deemed to have been substituted with effect from the 1st day of October, 2009 vide Finance Act, 2010. 15. In sub-clause (vii), the word or has been omitted with effect from the 1st day of June, 2010 vide Finance Act, 2010. 16. In sub-clause (viii), the word or has been inserted at the end with effect from the 1st day of June, 2010 vide Finance Act, 2010. 17. After sub-clause (viii), the following sub-clause has been inserted with ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020 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 read as section 12A or section 12AA 43. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 38 [ section 12AA or section 12AB ] 44. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 39 [ section 12AA or section 12AB ] 45. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 40 [ section 12AA or section 12AB ] 46. Substituted vide THE TAXATI ..... 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