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.
Click here to read the Amendment.
