Page 370 - DCOM301_INCOME_TAX_LAWS_I

Unit 13: Income from Other Sources

for a consideration which is less than the aggregate fair market value of the Notes
property by an amount exceeding fifty thousand rupees, the aggregate fair
market value of such property as exceeds such consideration:
Provided that where the stamp duty value of immovable property as referred
to in sub-clause (b) is disputed by the assessee on grounds mentioned in
sub-section (2) of section 50C, the Assessing Officer may refer the valuation of
such property to a Valuation Officer, and the provisions of section 50C and
sub-section (15) of section 155 shall, as far as may be, apply in relation to the
stamp duty value of such property for the purpose of sub-clause (b) as they
apply for valuation of capital asset under that section:
Provided further that this clause shall not apply to any sum of money or any
property received
from any relative; or
on the occasion of the marriage of the individual; or
under a will or by way of inheritance; or

in contemplation of death of the payer or donor, as the case may be; or
· from any local authority as defined in the Explanation to clause (20) of section
10; or

from any fund or foundation or university or other educational institution or
hospital or other medical institution or any trust or institution referred to in
clause (23C) of section 10; or
from any trust or institution registered under section 12AA.

Notes Important Definitions
“Fair market value” of a property, other than an immovable property, means the value
determined in accordance with the method as may be prescribed;
“Property” means the following capital asset of the assessee, namely:
immovable property being land or building or both;

shares and securities;
jewellery;
archaeological collections;
drawings;

paintings;
sculptures; or
any work of art or
bullion
“Stamp duty value” means the value adopted or assessed or assessable by any authority of
the Central Government or a State Government for the purpose of payment of stamp duty
in respect of an immovable property.

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