10 February 2017
A private limited company has purchased a land from SBI in an auction below stamp duty value , did he is liable to pay tax on capital gain ?
10 February 2017
Capital gains clause gets invoked when there is a transfer between the seller to the buyer. In your case, the bank is the seller and the provisions of Capital gain onus is on the Bank, however as a buyer, the private company while making payment to the Bank must ensure that it deducts 1% TDS on acquiring the property, if the value exceeds Rs.50 Lakhs as per the provisions of 194IA.
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