TMI BlogAmendment of section 56X X X X Extracts X X X X X X X X Extracts X X X X ..... ters "but before the 1st day of October, 2009" shall be inserted; (ii) after clause (vi), the following clause shall be inserted, namely:— '(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,— (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t value of such property as exceeds such consideration: Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y trust or institution registered under section12AA. Explanation.— For the purposes of this clause,— (a) "assessable" shall have the meaning assigned to it in Explanation 2 to sub-section (2) of section 50C; (b) "fair market value" of a property, other than an immovable property, means the value determined in accordance with the method as may be prescribed; (c) "jewellery" shall have t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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