Income tax Amendment (13th Amendment) Rules, 2019
Nov 14, 2019
The Central Board of Direct Taxes (CBDT) on November 11, 2019 has published the Income tax Amendment (13th Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962.
Rule 11UAC has been inserted from April 01, 2020 and will be applicable for assessment year commencing on April 01, 2020 and subsequent assessment years, namely:
Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of section 56(2) which specifies the income from other sources.
Rule 11UAC - The provisions of clause (x) of section 56(2) shall not apply to any immovable property, being land or building or both, received by a resident of an unauthorised colony in the National Capital Territory of Delhi, where the Central Government by notification in the Official Gazette, regularised the transactions of such immovable property based on the latest Power of Attorney, Agreement to Sa…
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