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TMI BlogAmendment of section 56.X X X X Extracts X X X X X X X X Extracts X X X X ..... e figures, letters and words 1st day of June, 2010 , the words, figures and letters but before the 1st day of April, 2017 shall be inserted; (III) after clause (ix), the following clause shall be inserted, namely:- (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- (a) any sum of money, without consideration, the aggregate value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of agreement for transfer of such immovable property: Provided also that where the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided that this clause shall not apply to any sum of money or any property received- (I) from any relative; or (II) on the occasion of the marriage of the individual; or (III) under a will or by way of inheritance; or (IV) in contemplation of death of the payer or donor, as the case may be; or (V) from any local authority as defined in the Explanation to clause (20) of section 10; or (VI) from a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he expressions assessable , fair market value , jewellery , property , relative and stamp duty value shall have the same meanings respectively assigned to them in the Explanation to clause (vii). . - Clause 29 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The existing provisions of clause (vii) of sub-section (2) of the said section provide for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section to all categories of assessees so that the assets received without or inadequate consideration may be brought to the tax. Further, the existing exception contained in the said section is proposed to be rationalised by including certain additional exceptions consequently, it is proposed to sun set clauses (vii) and (viia) of sub-section (2) of the said section. This amendment will take effe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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