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CBDT revises definition of ‘Unauthorised Colony’ for the purpose exemption u/s 56(2)(x)

February 19, 2020
The CBDT has revised the definition of ‘unauthorised colony’ as mentioned in newly inserted rule 11UAC. Now, ‘unauthorised colony’ shall have same meaning as assigned to it in section 2(b) of the NCT of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Act, 2019. Rule 11UAC was inserted to provide that provisions of Sec. 56(2)(x) shall not be applicable to any immovable property received by resident of unauthorized colony
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