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Income Tax Notice

Ashok Kumar Upadhyay (Account Assistant) (35 Points)

14 April 2017

If any body buy a property and pay stamp duty according to circle rate Rs. 1 cr and paid 75 lacs . at what amount income tax will send notice?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (162450 Points)
Replied 14 April 2017

Finance Act, 2013 has substituted clause (b) of section 56(2)(vii) w.e.f. 1.4.2014 providing, inter alia, that where an individual or Hindu Undivided Family receives, in any previous year, from any person or persons any immovable property-

(i) Without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;

(ii) For a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration

shall be chargeable to income tax under the head “Income from Other Sources”.

Read: https://www.charteredclub.com/tax-on-property-transaction-below-circle-rate-section-50c-sec-56/