CBDT prescribes conditions/records for Covid-19 related relief to employees u/s 17(2) and in Transfer of Immovable Properties u/s 56(2)(x)
Section 56(2)(x) of the Income Tax Act 1961 provides for deemed sale consideration of an immovable property in the hands of the purchaser/buyer.
According to the section, the difference of sale consideration and stamp duty valuation is taxable in the hands of the buyer.
However, Finance Act 2020 had amended the said section to provide some relief in Covid-19 cases and accordingly deemed provisions do not apply where such property is received :
(i) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to prescribed conditions.
(ii) by a member of the family of a deceased person from employer of the deceased person; or from any other person up to Rs. ten lakh where the cause of death of such person is illness related to COVID-19.
CBDT has issued two notifications to prescribe the conditions for above exemptions as under:
| Record/documents of the medical treatment to be kept by the individual | CBDT Notification No. 91/2022 |
| Timeline of exemption, record to be kept and details to be furnished to Assessing Officer. | CBDT Notification No. 92/ 2022 |
Further, any sum paid by the employer for medical treatment of Covid-19 related illness of self or family has also been kept out of the ambit of perquisite u/s 17(2) by the Finance Act 2020..
CBDT has issued one more notifications to prescribe the conditions for above exemptions :
| Documents to be furnished by employee to the employer | CBDT Notification No. 90/2022 |
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