Sahil sold a residential house on 15th March, 2015 to Neeraj for ₹30 lakh of which value applied by stamp valuation authority was ₹38 lakh. Sahil purchased this house in March, 2004 for ₹12 lakh but the stamp duty value

In order to prevent tax avoidance by transferring immovable property at prices significantly lower than the circle rates, section 56(2)(vii) has been amended with effect from Assessment Year 2014-15 to provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the difference between the stamp duty value and the consideration shall be chargeable to tax in the hands of the individual or HUF as 'Income from other sources'. In this case, Sahil has sold the residential house to Neeraj at ₹30 lakhs, whereas the stamp value was ₹38 lakhs, thus the difference amount i.e. ₹8 lakhs would be chargeable as income from other sources in the hands of Neeraj.