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TMI BlogAmendment of section 56X X X X Extracts X X X X X X X X Extracts X X X X ..... amely:— "(b) any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;"; (ii) in the Explanation, in clause (d),— (A) in the opening portion, for the word "means—", the words "means the following capital asset of the assessee, namely:—" shall be substituted and shall be deemed to have been substituted with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantially interested,— (i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property; (ii) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property without consideration or for inadequate consideration, the value of the said property shall be treated as income in the hands of assessee and shall be liable to tax. It is proposed to substitute the aforesaid sub-clause (b) of clause (vii) of sub-section (2) of the aforesaid section so as to provide that clause (vii) of sub-section (2) of section 56 would apply only if the immovable pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent will take effect retrospectively from 1st October, 2009, and will, accordingly, apply in relation to the assessment year 2010-2011 and subsequent years. It is also proposed to amend clause (d) of the said Explanation to insert a new sub-clause (ix) so as to include "bullion" within the specified categories of property. This amendment will take effect from 1st June, 2010, and will, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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