Income Tax Act, 2025
Section 6: Subs. by Act 13 of 2018, s. 23, for item (B) (w.e.f. 12019).
6. Subs. by Act 13 of 2018, s. 23, for item (B) (w.e.f. 12019).
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Provided further that the provisions of the first proviso shall apply only in a case
where the amount of consideration referred to therein, or a part thereof, has been paid by
way of an account payee cheque or an account payee bank draft or by use of electronic
clearing system through a bank account, on or before the date of agreement for transfer of
such immovable property:
Provided also that where the stamp duty value of immovable property 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 this
sub-clause as they apply for valuation of capital asset under those sections;
(c) any property, other than immovable property,—
(A) without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;
(B) for a consideration which is less than the aggregate fair market value of the
property by an amount exceeding fifty thousand rupees, the aggregate fair market value
of such property as exceeds such consideration:
Provided that this clause shall not apply to any sum of money or any property
received—
(I) from any relative; or
(II) on the occasion of the marriage of the individual; or
(III) under a will or by way of inheritance; or
(IV) in contemplation of death of the payer or donor, as the case may be; or
(V) from any local authority as defined in the Explanation to clause (20) of
section 10; or
(VI) 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
(VII) from or by any trust or institution registered under section 12A or
section 12AA; or
(VIII) by any fund or trust or institution or any university or other educational
institution or any hospital or other medical institution referred to in sub-clause (iv) or
sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or
(IX) by way of transaction not regarded as transfer under clause (i) or 1[clause
(iv) or clause (v) or] clause (vi) or clause (via) or clause (viaa) or clause (vib) or
clause (vic) or clause (vica) or clause (vicb) or clause (vid) or clause (vii) of section
47; or
(X) from an individual by a trust created or established solely for the benefit of
relative of the individual.
Explanation.—For the purposes of this clause, the expressions “assessable”, “fair market
value”, “jewellery”, “property”, “relative” and “stamp duty value” shall have the same
meanings as respectively assigned to them in the Explanation to clause (vii).]
2[(xi) any compensation or other payment, due to or received by any person, by whatever
name called, in connection with the termination of his employment or the modification of the
terms and conditions relating thereto.]
(w.e.f. 12019).
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Provided further that the provisions of the first proviso shall apply only in a case
where the amount of consideration referred to therein, or a part thereof, has been paid by
way of an account payee cheque or an account payee bank draft or by use of electronic
clearing system through a bank account, on or before the date of agreement for transfer of
such immovable property:
Provided also that where the stamp duty value of immovable property is disputed by
the assessee on grounds mentioned in sub-section
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
of section 155 shall, as far as may be,
apply in relation to the stamp duty value of such property for the purpose of this
sub-clause as they apply for valuation of capital asset under those sections;
any property, other than immovable property,—
without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;
for a consideration which is less than the aggregate fair market value of the
property by an amount exceeding fifty thousand rupees, the aggregate fair market value
of such property as exceeds such consideration:
Provided 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
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
of section 10; or
from or by any trust or institution registered under section 12A or
section 12AA; or
by any fund or trust or institution or any university or other educational
institution or any hospital or other medical institution referred to in sub-clause
or
sub-clause
or sub-clause
or sub-clause
of clause
of section 10; or
by way of transaction not regarded as transfer under clause
or 1[clause
or clause
or] clause
or clause
or clause
or clause
or
clause
or clause
or clause
or clause
or clause
of section
47; or
from an individual by a trust created or established solely for the benefit of
relative of the individual.
Explanation.—For the purposes of this clause, the expressions “assessable”, “fair market
value”, “jewellery”, “property”, “relative” and “stamp duty value” shall have the same
meanings as respectively assigned to them in the Explanation to clause
any compensation or other payment, due to or received by any person, by whatever
name called, in connection with the termination of his employment or the modification of the
terms and conditions relating thereto.]