Purchased Property: Market Value or Agreement Value Concept

Mr A Purchased a Property: Agreement Value is Rs. 15,00,000/- but the Market Value is Rs. 20,00,000/-

1.) Is the amendment made w.e.f 1-10-2009 to consider Market Value and add the diff. of Rs 5,00,000/- as Gift reversed in the current Financial budget 2010 (one practioner is of opinion that it has been reversed while passing of budget of 2009 in Feb.: 2010. Please investigate this throughly & answer)

2.) If No, where to show the Diff. of Rs 5,00,000/- in Income from other Sources.

3.) Does this concept applicable to both residential houses and commercial Premises as well.

Thanks.