For AY 2014-15, I have purchased a property for Rs 10 Lacs having a stamp value of Rs 45 Lacs. Is there any capital gain or gift implication to the buyer for the AY 2014-15.
Aakash Bajaj (1 Points)
25 July 2017For AY 2014-15, I have purchased a property for Rs 10 Lacs having a stamp value of Rs 45 Lacs. Is there any capital gain or gift implication to the buyer for the AY 2014-15.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 25 July 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”.
Refer: 562viib-controversies-arising-after-amendment-by-finance-act-2013/
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