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of <h1>Amendment treats immovable property as income under section 56(2)(vii)(b) based on stamp duty value thresholds and payment timing</h1> Amendment revises section 56(2)(vii)(b) to treat immovable property as income where: (i) it is received without consideration and the stamp duty value exceeds ?50,000, in which case the stamp duty value is taxed; or (ii) it is received for consideration lower than stamp duty value by more than ?50,000, in which case the excess stamp duty value over consideration is taxed. If agreement and registration dates differ, the stamp duty value on the agreement date may be used provided non-cash payment (in whole or part) was made on or before that date. It also renames 'Explanation 1' to 'Explanation' in clause (viib).
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