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Section 10 – Taxation Laws (Amendment) Act,2006

Taxation Laws (Amendment) Act,2006

Section 10. Amendment of Section 56

In Section 56 of the Income Tax Act, in sub-section (2),-

(a) in clause (v),-

(i) after the words, letters and figures “after the 1st day of September,2004”, the words, letters and figures “but before the 1st day of April,2006” shall be inserted with effect from the 1st day of April,2006;

(ii) in the proviso, after clause (d), the following clauses shall be inserted, namely:-

“(e) from any local authority as defined in the Explanation to clause (20) of Section 10; or

(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23-Q of Section 10; or

(g) from any trust or institution registered under Section 12-AA.”;

(b) after clause (v) and the Explanation, the following shall be inserted with effect from the 1st day of April,2007, namely:-

“(vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April,2006, the whole of the aggregate value of such sum:

Provided that this clause shall not apply to any sum of money received-

(a) from any relative; or

(b) on the occasion of the marriage of the individual; or .

(c) under a will or by way of inheritance; or

(d) in contemplation of death of the payer; or

(e) from any local authority as defined in the Explanation to clause (20) of Section 10; or

(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23-C) of Section 10; or

(g) from any trust or institution registered under Section 12-AA.

Explanation

For the purposes of this clause, “relative” means-

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi).

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Taxation Laws (Amendment) Act,2006

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