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Blog # 22. S.56(2)(vii) : Property Acquired

Assessing officers in case of property being acquired by an assesse, for a cost less than the stamp valuation have started issuing show cause notices, in order to add such difference u/s 56(2)(vii) of the Act. (Stamp Valuation - Consideration). However, in order to understand the provisions, the same are reproduced as under for your ready reference :- “(vii)  where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—      (a)  any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; [()  any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;]       (c)  any property, other than immovable property,—       (i)  without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the…