FAIR MARKET VALUE OF PROPERTIES FROM 01-10-2009 Effective 1/10/2009, difference of over Rs. 50,000 between fair market value and purchase value of immovable property will be taxed as income from other sources in the hand of the buyer if buyer is an individual or HUF. Property is as defined in Section 56 and includes immovable property,  jewellery, … Continue reading FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT →