Section 50C -Taxability of Sale of Land or Building Where the consideration received or accruing as result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a state government for the purpose of payment…

Taxability of Gift U/s 56(2)(vii) Gift is usually used to covert black money into white money. To stop practice of converting black money into white money a section 56(2)(vii) introduced by Finance Act, 2009 and amended by Finance act, 2010. This section deals with law of taxation gift. Explanation to the provision sec 56(2)(Vii)– Where…