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of <h1>Tax Alert: Finance Act 2017 Amends Section 56 for Taxing Gifts Over 50k, Clarifies Exemptions and Dispute Process</h1> Section 56 of the Income-tax Act was amended by the Finance Act, 2017, to include new provisions in sub-section (2). The amendment specifies that any person receiving money or property without consideration exceeding fifty thousand rupees, or at a consideration below the fair market value by the same amount, is subject to tax. Exemptions apply for transactions involving relatives, marriages, inheritances, certain local authorities, and registered trusts or institutions. The amendment also allows for disputes over stamp duty value to be referred to a Valuation Officer, with specific terms defined as per the existing clauses.
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