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Amendment of section 56.

Clause 29 - DIRECT TAXES - Income-tax - Bill - Clause 29 - 29. In section 56 of the Income-tax Act, in sub-section (2),- (I) in clause (vii), after the figures, letters and words 1st day of October, 2009 , the words, figures and letters but before the 1st day of April, 2017 shall be inserted; (II) in clause (viia), after the 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 follo .....

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less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purposes of this sub-clause: Provided further that the provisions of the first proviso shall apply only in .....

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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 relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections; (c) any property, other than immovable property,- (A) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such pro .....

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