Amendment To The Finance Bill 2017

The Government tabled the Finance Bill 2017 with certain amendments in the Lok Sabha for approval which was passed. The President also gave his assent on 31st March 2017. The amendments to the Finance Bill 2017 are as follows:

Restriction on applicability of Section 56 (2)(x):

• The Bill had proposed to insert Section 56(2)(x) to tax sum of money or property received without consideration or for inadequate consideration was made applicable to all categories of persons.
  
  
  • It is now proposed to exempt from the aforesaid provision in respect of any sum or property from an individual to the trust created or established solely for the benefit of a relative of the individual.