Section 56(2)(x) of the Income Tax Act, 1961, serves as a key anti-abuse provision aimed at curbing tax avoidance through receipt of money or property […]
Section 56(2)(x)
Understanding Gift Taxation Under Section 56(2)(x): A Donee-Centric Approach
The Gift-tax Act, 1958, originally governed the taxation of gifts in India. Under this legislation, the tax liability rested with the donor — the person […]
Understanding Section 56(2)(x): Tax Implications on Gifts and Transfers
Section 56(2)(x) of the Income Tax Act is applicable when any person receives any sum of money or property, whether movable or immovable, without adequate […]