Section 56 2

22 1986 100 stat.

Section 56 2. Section 56 2 viia of the act provided that when shares of closely held companyreceived without consideration or for inadequate consideration where aggregate fair market value fmv or the shortfall exceeded rs. 2 act 2014 w e f. A a low speed vehicle may be operated only on a highway for which the posted speed limit is thirty five miles an hour or less.

Conditions for operation on street or highway. The following clause ix shall be inserted after clause viii of sub section 2 of section 56 by the finance no. Clause v was inserted vide finance no.

2 act 2004 w e f. 99 514 title vii 702 oct. Such excess premium is deemed to be the income of the company and shall be taxed under section 56 2 viib.

A firm b closely held company. Section 56 2 viib was introduced in the income tax act 1961 ita vide the finance act 2012 seeking to tax any excess premium received by a closely held company upon the issue of shares. Taxation of gift received under section 56 2 of income tax act 1961 taxation on gift provided u s 56 2 of income tax act 1961.

1 4 2005 in section 56 2 of the act to provide that any sum of money received by an assessee being individual or huf exceeding 25 000 will be deemed to be income and will be chargeable to tax as income under the head income from other sources. Ix any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset if. He has also set out in a tabular format the various controversial issues that have arisen to date and the judicial pronouncements which answer them.

101 508 title xi 11832 4 nov. B a low speed vehicle may cross a highway at an intersection where the highway has a posted speed limit of more than thirty five miles an hour. 5 1990 104 stat.