https://www.taxtmi.com/acts?id=11286 The amendment restricts section 56(2)(vii)(b) to immovable property received without consideration, with retrospective effect from 1 October 2009; it redefines "property" in the Explanation as capital assets retrospectively and adds bullion effective 1 June 2010. A new clause (viia) treats aggregate fair market value of shares received by firms or closely held companies without consideration, or for substantially inadequate consideration, as income subject to specified exceptions; fair market value follows the Explanation to clause (vii). en-us Fri, 26 Feb 2010 19:37:42 +0530 Fri, 26 Feb 2010 19:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11286 The amendment restricts section 56(2)(vii)(b) to immovable property received without consideration, with retrospective effect from 1 October 2009; it redefines "property" in the Explanation as capital assets retrospectively and adds bullion effective 1 June 2010. A new clause (viia) treats aggregate fair market value of shares received by firms or closely held companies without consideration, or for substantially inadequate consideration, as income subject to specified exceptions; fair market value follows the Explanation to clause (vii). Act-Rules Bills Fri, 26 Feb 2010 19:37:42 +0530 https://www.taxtmi.com/acts?id=11286