A welcome Move: CBDT grants exemption under section 56(2)(x) to resident of unauthorised colony

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A welcome Move: CBDT grants exemption under section 56(2)(x) to resident of unauthorised colony

CBDT grants exemption under section 56(2)(x) to resident of unauthorised colony
Notification no. 96/2019, dated 11-11-2019
The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC to the Income-tax Rules, 1962 in which it has been provided that provisions of Sec. 56(2)(x) shall not be applicable to any immovable property received by resident of unauthorized colony in the National Capital Territory of Delhi, where the Central Government regularized the transaction of such immovable property based on the latest power of attorney, agreement to sale, will, etc
Notification no. 96/2019, dated 11-11-2019
The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC to the Income-tax Rules, 1962 in which it has been provided that provisions of Sec. 56(2)(x) shall not be applicable to any immovable property received by resident of unauthorized colony in the National Capital Territory of Delhi, where the Central Government regularized the transaction of such immovable property based on the latest power of attorney, agreement to sale, will, etc

 

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