Income Tax Act, 2025
Section 2: Ins. by Act 7 of 2017, s. 29 (w.e.f. 12017).
2. Ins. by Act 7 of 2017, s. 29 (w.e.f. 12017).
3.. Ins. by Act 17 of 2013, s. 11 (w.e.f. 12014).
305
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 sub-clause (b) as they apply for valuation of capital asset under those
sections:
Provided further that this clause shall not apply to any sum of money or any property
received—
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) 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) ofsection 10;
or
(g) from any trust or institution registered under 1[section 12AA; or]
2[(h) by way of transaction not regarded as transfer under clause (vicb) or clause (vid) or
clause (vii) of section 47.]
Explanation.—For the purposes of this clause,—
(a) “assessable” shall have the meaning assigned to it in the Explanation 2 to sub-section (2)
of section 50C;
(b) “fair market value” of a property, other than an immovable property, means the value
determined in accordance with the method as may be prescribed;
(c) “jewellery” shall have the meaning assigned to it in the Explanation to sub-clause (ii) of
clause (14) of section 2;
(d) “property” 3[means the following capital asset of the assessee, namely:—]
(i) immovable property being land or building or both;
(ii) shares and securities;
(iii) jewellery;
(iv) archaeological collections;
(v) drawings;
(vi) paintings;
(vii) sculptures; 4***
(viii) any work of art; 5[or]
5[(ix) bullion;]
of section
155 shall, as far as may be, apply in relation to the stamp duty value of such property for
the purpose of sub-clause
as they apply for valuation of capital asset under those
sections:
Provided further 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
ofsection 10;
or
from any trust or institution registered under 1[section 12AA; or]
2[
by way of transaction not regarded as transfer under clause
or clause
or
clause
of section 47.]
Explanation.—For the purposes of this clause,—
“assessable” shall have the meaning assigned to it in the Explanation 2 to sub-section
of section 50C;
“fair market value” of a property, other than an immovable property, means the value
determined in accordance with the method as may be prescribed;
“jewellery” shall have the meaning assigned to it in the Explanation to sub-clause
of
clause
of section 2;
“property” 3[means the following capital asset of the assessee, namely:—]
immovable property being land or building or both;
shares and securities;
jewellery;
archaeological collections;
drawings;
paintings;
sculptures; 4***
any work of art; 5[or]
5[
bullion;]