56(vi) and 60
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2011
Does combine reading of section 56(vi) and 60 amounts to double taxation?
Does combine reading of section 56(vi) and 60 amounts to double taxation?
20 June 2011
On the plain reading it may seems so , but there is a "procedural" difference between the receipt of any sum of money (Ref-S. 56(vi)) and Income arising to any person by virtue of a transfer (Ref- S.60) and due to this difference double taxation is not possible.
The receipt under section 56(vi) is without any consideration whereas the receipt under 60 is having certain consideration by the virtue of that income is transferred. The basis of transfer of income may be in the form of a settlement, trust, covenant, agreement or arrangement.
So, if any amount received by a person
under a settlement, trust, ...etc., the said amount can not be taxed in the hand of recipient under section 56(vi).
The receipt under section 56(vi) is without any consideration whereas the receipt under 60 is having certain consideration by the virtue of that income is transferred. The basis of transfer of income may be in the form of a settlement, trust, covenant, agreement or arrangement.
So, if any amount received by a person
under a settlement, trust, ...etc., the said amount can not be taxed in the hand of recipient under section 56(vi).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Sales amount in Gstr1
- Supply through E-commerce Operators
- TDS Claim year
- Relief u/s Section 89
- TDS Challan Code
- Rent lease agreement
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
