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If land purchased below market value

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(Querist)
18 January 2012 If land is purchased below market value from the seller, then the difference if more than Rs.50000 will it be taxable under IFOS deemed Gift??
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sahil jain

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sahil jain (Expert)
18 January 2012 Yes ganu the difference, if exceeds 50000, would be taxable as deemed gift U/S 50C and Sec56(2)

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