gift under section 56

there were proposed changes in the relevant provisions to this effect........ but in Budget 2010 these changes have been revoked........

The finance Bill 2010 has proposed to remove the taxability of  difference between stamp value & actual purchase cost of immovable property under section 56 of income tax act w. e. f. 01.10.2009. So no tax on purchase of property

Aaditya! Does the  amendment w .e.f 1/10/2009 u/s 56 talk about puchasing the immovable property at a price lower than stamp value is treated as gift?

don't understand

difference inopinions

does anybody clarify

i think it is not revoked from 1.10.2009 because only from that date such a provision is introduced,

(stamp value - consideration paid) > 50000 is taxable from 1st  october 2009.

plz what are the main ammendment in income tax plz send me my id rajeev.kumar618 @ gmail.com

no taxability to this effect............

There is a retrosepctive amendment in relation to gift.Please understand that for our exam it is not applicable

From exam point of view let me clarify by foll points

1> Before 1/10/2009  Sec 56(2)vi applies

2> Fom 1/10  a new section i.e Sec 56(2)vii has been inserted which deals with taxability of immovable and movable property

For May 10 exams amendments which took place uptill 6 mth immediately before the exams are applicable Ie while answering a question you can safely write a note in this regard and the same holds true in the exams.

I hope its clear 

There is a retrosepctive amendment in relation to gift.Please understand that for our exam it is not applicable

From exam point of view let me clarify by foll points

1> Before 1/10/2009  Sec 56(2)vi applies

2> Fom 1/10  a new section i.e Sec 56(2)vii has been inserted which deals with taxability of immovable and movable property

For May 10 exams amendments which took place uptill 6 mth immediately before the exams are applicable Ie while answering a question you can safely write a note in this regard and the same holds true in the exams.

I hope its clear 

The amendment made by the Finace Act 2009 has been proposed to be deleted by Finance Bill 2010 in respect of property only w. r. e. f. 01.10.2009. So in effect the said provision related to property did not come into effect only.

However for exam purposes only the clause is still there.

U R ABSOLUTELY RIGHT IN THIS REGARD BUT IN MY VIEWS FROM EXAM POINT OF VIEW WE CAN SAFELY FOLLOW THE OLD RULE

M I CORRECT?

Yes Nitin you are correct. I also mentioned "However for exam purposes only the clause is still there"