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of <h1>Amendment to Income-tax Act: Tax on Gifts Over 50,000; New Rules for Interest on Compensation from April 2010.</h1> Clause 26 of the Finance (No. 2) Bill, 2009, amends section 56 of the Income-tax Act concerning income from other sources. Effective from October 1, 2009, it includes taxation on sums exceeding fifty thousand rupees received without consideration by individuals or Hindu undivided families. It covers immovable property and other specified properties received without or for inadequate consideration. Exceptions include sums received from relatives, on marriage, inheritance, or from certain institutions. Additionally, from April 1, 2010, interest on compensation or enhanced compensation under section 145A is taxable as income from other sources.
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