Pay Income Tax For Buying Property Below Stamp Duty!

The Clause 26 of the Finance Bill 2009 contains provision to be inserted under Clause (vii) under subsection 2 of section 56 to  provide that an Individual or HUF receiving any immovable property or any property   either without consideration or without adequate consideration from any person other than

1. relative
2. or on occasion of the marriage of the individual
3. or under a will or by way of inheritance
4. or in contemplation of death  of the payer or donor
5. from any  local authority as defined in Explanation to clause (20) of section 10; or
6. From any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred in section 10(23C)
7. From any trust or institution registered under section 12AA

It means that if you buy any property  from any developer  after 1/ 10/2009 and the value of the property is less than value taken for charging stamp duty on that value, the difference may be added in your income as per newly inserted clause 56(2)(vii).