TMI BlogAmendment of section 56X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (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 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 su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of the first proviso shall apply only in a case where the amount of 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 v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thousand rupees, the aggregate fair market value of such property as exceeds such consideration: Provided 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) or clause (vib) or clause (vic) or clause (vica) or clause (vicb) or clause (vid) or clause (vii) of section 47. (X) from an individual by a trust created or established solely for the benefit of relative of the individual. Explanation .- For the purposes of this clause, the expressions assessable , fair market value , jewellery , property , relative and stamp duty value sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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