The Income-tax (14th Amendment) Rules, 2020

The Central Board of Direct Taxes on 30th June 2020 has issued the Income-tax (14th Amendment) Rules, 2020 to add Rule 11UAC which provides for Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56. The Section provides the incomes chargeable to income-tax under the head “Income from other sources.

The following shall be exempted from scope of ‘Income from other sources’: Any immovable property, being land or building or both, received by a resident of an unauthorized colony in the National Capital Territory of Delhi, where the Central Government by notification in the Official Gazettee, regularized the transactions of such immovable property.

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