Finance Act 2010 - Transfer of IMMOVABLE PROPERTY for INADEQUATE Consideratn wud always b outside the ambit of Sec.56(2)(vii)..

Income from Other Sources

Sec56(2)(vii)-Now,transfer of IMMOVABLE PROPERTY for INADEQUATE Consideratn wud always b outside the ambit of 56(2)(vii)

So,nowSec56(2)(vii)will cover

1.Trf ofIMMOVABLE PROPERTY- WITHOUT CONSIDERATION if Stamp Value exceeds Rs50000

2.Trf ofMOVABLE PROPERTY-
*WITHOUT CONSIDERATION whr FMV exceeds Rs50000 *INADEQUATE CONSIDERATION whr FMV less Sale Consideratn exceeds Rs50000
[W.e.f.1.10.2009]