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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2013 amends Section 56 to tax undervalued immovable property as income for individuals and HUFs.</h1> Clause 9 of the Finance Bill, 2013, amends section 56 of the Income-tax Act concerning income from other sources. It revises sub-clause (b) of clause (vii) in subsection (2) to tax the stamp duty value of immovable property received without consideration, or for a consideration less than the stamp duty value by over fifty thousand rupees, as income from other sources for individuals or Hindu undivided families (HUFs). A proviso allows using the stamp duty value on the agreement date if the registration date differs, applicable only if payment is made non-cash before the agreement. This amendment is effective from April 1, 2014.
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