Finance Act 2010 - Answer of Example on Sec 56(2)(vii)

Ans.

IOS
1.CashGift-Taxable75000
2.Bullion(w.e.f.1.6.2010if FMV>50000)Taxable60000
3.StampValue ofLand(WITHOUT Consideratn)Taxable500000
4.Difference of 2lacs not taxable coz shares are stock-in-trade for Mr.AD
5.Appreciation in value of immovable property between time of its booking & its actual regn is outside the scope of Sec56(2)(vii)
Total IOS=635000

CAPITAL GAIN
Sale Consideration7L - COA5L = STCG 2Lacs
Period of holding of previous owner is not to be considered.