Point for discussion

As per Amendment u/s 56(2) if immovable property is transferred exceeding 50000 it will be taxable under  income from other sources.

u/s 49(1) if capital asset is transferred which was  received as a gift cost of acquisition will be cost to previous owner.

It means same property is double taxed in same hands

Please make me right if I am wrong.

Thanks,

Lovenish Bansal