In clause 28 of 3CD report, Where Assessee has received any property being shares of a company without consideration in section 56(2)(viia), the aggregate fair value of which exceeds Rs.50000, then whole amount is treated as “ Income from Other sources”.here reporting is required in form 3cd. Whether there is change in this like…I came across it.. Finance Act 2017 amends Sec.56(2), as per provision of sec 56(2)(viia) are not applicable for transactions taken place on or after 01.04.2017 , so due to this This transaction now , falls under clause (x) of sec.56(2). At present No reporting is required in form 3cd for transaction falling u/s 56(2)(x).
ANSWERED Ravi answered October 15, 2018     Category:
937 views
1 answer
0 vote