Amendment of section 56

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....;      "(b) any immovable property,-                (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;                (ii) for a consideration which is l....

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.... and figure "Explanation 1", the word "Explanation" shall be substituted. - Clause 9 of the Bill seeks to amend section 56 of the Incometax Act relating to income from other sources.       The existing provisions of sub-clause (b) of clause (vii) of subsection (2) of section 56, inter alia, provide that where any immovable property is received by an individual or ....

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....n amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration, would be charged to tax in the hands of an individual or an HUF as income from other sources.     It is further proposed to insert a proviso so as to state that where the date of the agreement fixing the amount of consideration for the transfer of the immovable prop....