Amendment of section 56

Section 29 of the Finance Act, 2017 deals with amendment of section 56. Amendment of section 56. 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, ", the words, figures and letters "but before the 1st day of April, " shall be inserted; The Act was enacted on 17 Apr 2017.

Amendment of section 56.

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 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 sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;
(b)		any immovable property,—

(A)		without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(B)		for a consideration which is 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 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 value of immovable property 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 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 property;
(B)		for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty 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 the case may be; or
(V)		from any local authority as defined in the Explanation to clause (20) of section 10; or
(VI)		from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(VII)		from or by any trust or institution registered under section 12A or section 12AA; or
(VIII)		by any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or
(IX)		by way of transaction not regarded as transfer under clause (i) or clause (vi) or clause (via) or clause (viaa) or clause (vib) or clause (vic) or clause (vica) or clause (vicb) or clause (vid) or clause (vii) of section 47; or
(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" shall have the same meanings respectively assigned to them in the Explanation to clause (vii).'.

Section 29, The Finance Act, 2017.