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Chapter No. 02 - Other Sources - Gifts received by Individual & HUF - [Sec. 56(2)(vii)]
If X purchases on 31st March, 2013
Nothing shall be taxable in the hands of X under the head “Income from other sources”, even if purchase price is lesser than the stamp duty value.
If X purchases on 1st April, 2013
The amended provisions would be applicable and the difference between the purchase price and stamp duty value (i.e. 17,00,000) will be taxable in the hands of X for the AY 2014-15.
Gift taxation: stamp duty valuation excess over purchase price becomes taxable from the amendment's effective date under income rules. The amendment taxes, as Income from Other Sources, the difference between stamp duty value and actual purchase price where consideration is below stamp duty valuation, applying only from the amendment's effective date; transactions concluded prior to that date are not subject to this valuation-based charge. of Press 'Enter' after typing page number.
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