Amendment to Section 56(2)(vii)(b)
This query is : Resolved
30 June 2010
Respected Experts,
As per the provisions of Finance Bill 2009 w.e.f. 1/10/09 u/s 56(2)(vii)(b), if an individual or HUF receives any immovable property without inadequate consideration then the difference between the stamp duty value and the consideration paid was to be considered as deemed income in hands of receiver. The bill now proposes to exclude transfer of any immovable property for inadequate consideration from the ambit of provisions of section 56(2).
But i want to ask that from when this amendment is applicable and uptil when?
As per the provisions of Finance Bill 2009 w.e.f. 1/10/09 u/s 56(2)(vii)(b), if an individual or HUF receives any immovable property without inadequate consideration then the difference between the stamp duty value and the consideration paid was to be considered as deemed income in hands of receiver. The bill now proposes to exclude transfer of any immovable property for inadequate consideration from the ambit of provisions of section 56(2).
But i want to ask that from when this amendment is applicable and uptil when?
30 June 2010
For immovable house property that clause never came into effect as the provision has been deleted for house property by the finance act 2010 w. e. f. 01.10.2009.
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