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Blog # 22. S.56(2)(vii) : Property Acquired

Assessing officers in case of property being acquired by an assesse, for a cost less than the stamp valuation have started issuing show cause notices, in order to add such difference u/s 56(2)(vii) of the Act. (Stamp Valuation - Consideration). However, in order to understand the provisions, the same are reproduced as under for your ready reference :- “(vii)  where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—      (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; [()  any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;]       (c)  any property, other than immovable property,—       (i)  without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the…

Blog#21 . Finance Act 2018

Analysis of
Direct Tax Proposals in Finance Act, 2018
24th February, 2018
Gujarat Chamber of Commerce and Industry
&
Agriculture Produce Market Committee,
Mahuva

CA. Mohit Balani 
1. Rates of Taxes : In respect of income of all categories of assessees liable to tax for the assessment year 2018-19, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2017 for the purposes of computation of “advance tax”, deduction of tax at source from “Salaries” and charging of tax payable in certain cases.
A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge at the rate of,—
(i) ten per cent. of such income-tax in case of a person having a total income exceeding fifty la…