Definition of "income"


Definition of "income"

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Definition of "income" expanded [Section 2(24)(xvi)]

Definition of "income" expanded [Section 2(24)(xvi)] [W.e.f. A.Y. 2015-16]

 

 

A new clause (ix) has been inserted in section 56(2) by the Finance (No. 2) Act, 2014 to provide that the following sum shall be taxable under the head income from other sources.

 

"any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if,

 

(a)    such sum is forfeited; and

 

(b the negotiations do not result in transfer of such capital asset".

 

Consequently, clause (xvii) has been inserted in section 2(24) to include the following in the definition of income

 

"any sum of money referred to in section 56(2)(ix)"

 

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