9911796707
TMI BlogAmendment of section 56X X X X Extracts X X X X X X X X Extracts X X X X ..... the 1st day of April, 2020, namely: (XII) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf; (XIII) by a member of the family of a deceased person (A) from the employer of the deceased person; or (B) from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees, where the cause of death of such person is illness related to COVID-19 and the payment is (i) received within twelve months from the date of death of such person; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be chargeable under the head of Income-from other sources. The first proviso to said clause (viib) provides that the provisions of the said clause shall not apply, where the consideration for issue of shares is received by a venture capital undertaking from, inter-alia, a specified fund. Explanation to the said clause provides the definition of specified fund as a Category I or a Category II Alternative Investment Fund which 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. It is proposed to amend the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deceased person, or from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees, where the cause of death of such person is illness relating to COVID-19 and the payment is, received within twelve months from the date of death of such person, and subject to such other conditions, as may be notified by the Central Government in this behalf, shall not be the income of such person. It is also proposed to insert an Explanation to provide that for the purpose of both of the said clauses (XII) and (XIII) of this proviso, family in relation to an individual shall have the same meaning as assigned to in the Explanation 1 to clause (5) of section 10. This amendment will take effect retrospe ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
