As per the latest finance act, it has been stated that Any "Immovable property received as gifts is NOT TAXABLE with retrospective effect from "01.10.2009" ... Is this provision applicable for NOV 2010 PCC examinations,,,??? OR as per finance act act 2009, We should tax the immovable property ...?? Revert soon....
From 01.10.2010, any movable property received without consideration and stamp duty value of the property exceeds Rs 50000, TAXABLE VALUE = Stamp Duty Value
any movable property received for a consideration less than the stamp duty value by Rs 50000, TAXABLE VALUE = Stamp Duty Value-Consideration
This rule is applicable for nov-2010
Yea This Amendment is Applicable to NOV 10.
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