TMI BlogAmendment of section 56X X X X Extracts X X X X X X X X Extracts X X X X ..... ay 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 thousand rupees, the whole of the ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such consideration: Provided that where the stamp duty value of immovable property as referred to in subclause (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 shall, as far as may be, apply in relatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 12AA. Explanation.— For the purposes of this clause,— (a) "assessable" shall have the meaning assigned to it in the Explanation 2 to subsection (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 the meaning assigned to it in the Explanat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of interest received on compensation or on enhanced compensation referred to in sub-section (2) of section 145A.". - Clause 26 of the Bill seeks to amend section 56 of the Incometax Act relating to income from other sources. The existing provision of clause (vi) of sub-section (2) of the said section brings any sum of money, the aggregate value of which exceeds fifty thousand rupees, which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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