Taxation of GIFTS/RECEIPTS under section 56(2)(x) ( Book )

About the Author

Rajesh Kadakia has been a practicing chartered accountant since 1982. He was a partner in M/s S.R. Batliboi & Associates, a member firm of Ernst & Young Global. He has authored many books including Taxmann’s Master Guide to Income-tax Act’ (1991-2012, 2016-21) and all the books on this website. He is also the author of following online databases:
  • Words & Phrases Referencer (WPR), a legal dictionary
  • Interpretation Referencer (IR)
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About the Book

This book offers a thorough analysis of the provisions of section 56(2)(x) of the Income tax Act, 1961. It is meticulously organized into 15 well-structured chapters, providing readers with an in-depth understanding of the subject. The book features over 200 illustrations, addressing numerous res integra issues with clarity and precision. One of its unique aspects is the inclusion of an alphabetic list of more than 200 transactions and situations, each accompanied by brief tax implications. Additionally, it provides preconditions and a comprehensive practical checklist of steps to determine whether a particular receipt is taxable under section 56(2)(x). This comprehensive guide is an invaluable resource for anyone seeking to navigate the complexities of this section of the Income Tax Act.

Who may use

a) Judges
b) Tribunal members
c) Tax officials
d) Tax professionals
e) Tax Executives in Corporates
f) Tax students

Testimonials

Shri Arvind P. Datar Senior Advocate

Rajesh Kadakia must be complimented on taking up the daunting task of writing a book on one clause of one sub-section of one section. The complexity of section 56(2)(x) cannot be better illustrated than the present book, which has 15 chapters and covers more than 700 judgments. In the Union...

Shri Saurabh Soparkar Senior Advocate

An invaluable resource for navigating the intricate world of income tax complexities. This book expertly breaks down complex tax concepts of “deemed income” under section 56(2)(x) into easily digestible information, making it a must-have for anyone seeking clarity to ensure that one does not, unknowingly, fall in its “trap”. The...

Shri Percy Pardiwalla Senior Advocate

The complexities of Indian tax Laws are legendary. When Mr. Kadakia informed me that he was writing a treatise on section 56(2)(vii) of the Income-tax Act, 1961. I was wondering whether he would have sufficient material for an entire book on one clause of a sub-section of the Income-tax Act....