When I call function giveTime, is the time stamp "now" from the block where my call is mined or from the previous block?

contract Time {
  uint time;

  function giveTime() {

  function Timestamp() constant returns (uint block_time) {

It's the timestamp of the current block.

The idea is like this: When a miner mines a block, he/she picks the timestamp, executes all contracts with the chosen timestamp to update the state, and does the searching. Thus, now is the timestamp of the current block.

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