Would any taxability arise if an immovable property is received for less than its stamp duty value?

Taxation of undervalued immovable property: stamp duty value excess over consideration can be treated as taxable receipt.

Taxability occurs when an individual or HUF receives immovable property and the stamp duty value exceeds consideration or exceeds the threshold where received without consideration; excess stamp duty value may be chargeable to tax, subject to monetary and percentage safe-harbour limits, timing rules treating the agreement date as the valuation date if consideration is received by prescribed electronic or account-payee modes before the agreement date, and dispute referral to a Valuation Officer under the statutory valuation procedure.