Section 56(2) - My Tax Support

December 11, 2024December 11, 2024
CA HARSH GARG
Leave a Comment on “How to Identify Tax-Free Gifts Under Section 56(2)”

“How to Identify Tax-Free Gifts Under Section 56(2)”

Under the Income Tax Act, 1961, gifts are taxable under Section 56(2), unless they qualify for specific exemptions. These exceptions are designed to ensure that genuine transfers, such as those arising out of family relationships or special occasions, are

December 11, 2024December 11, 2024
CA HARSH GARG
Leave a Comment on “What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

“What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

The taxation of property received without consideration or for inadequate consideration is governed by Section 56(2) of the Income Tax Act, 1961. This provision ensures that such transfers, which may otherwise escape taxation, are brought into the tax net

December 11, 2024December 11, 2024
CA HARSH GARG
Leave a Comment on “Taxation of Gifts, Winnings, and More Under Section 56(2)”

“Taxation of Gifts, Winnings, and More Under Section 56(2)”

Section 56(2) of the Income Tax Act, 1961, lays down specific types of income that are taxable under the head 'Income from Other Sources.' These provisions ensure that diverse and residual income streams are brought into the tax net,

Tag: Section 56(2)

“How to Identify Tax-Free Gifts Under Section 56(2)”

“What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

“Taxation of Gifts, Winnings, and More Under Section 56(2)”

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Tag: Section 56(2)

“How to Identify Tax-Free Gifts Under Section 56(2)”

“What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

“Taxation of Gifts, Winnings, and More Under Section 56(2)”

Explore

Contact

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