03 March 2015
my friend has purchased a property .document value is 31280000,govt value 31318000,difference is 38000( govt - document value).now they are asking me pay tax on sec 56 2 viib. i need clarification as to i have to pay tax on 38000 diff or total govt value? or stamp duty value? they asked me deposit advance tax also by 31st march, how much should i deposit? please explain me in brief?
04 March 2015
Tell them that difference is less than Rs. 50000/- therefore no tax is required to be paid by you. For your information as per section 56(2)(vii) if the difference between purchase consideration paid and stamp value is more than Rs. 50000/- the entire difference will be treated as income of the assessee.
04 March 2015
sir,they have mentioned in notice to show purchase documents on 3rd march, date is over can i go directly to them now as due date to show is over, will there be any action against me?
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