Property Gifts now Taxable w.e.f 1st October 09

Gifts in kind and deemed gifts of immovable properties brought under tax net with effect from 1st October 2009 under section 56(2)(vii), 49 & 2(24).
The finance Act 2009 has been amended. The provisions of Section 56(2) of the Income Tax Act 1961 is added with clause (vii) to provide that the value of any Property received without consideration, or for inadequate consideration, will be included in the computation of total income of the recipient.
Such properties will include any Immovable Property including land or building or both shares and securities, jewellery, archaelogical collections, drawings, paintings, sculptures or any work of art.