56(2)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 In finance bill 2013 sec 56 (2) vii has been introduced and the effective date is 01-04-2014, A property is purchased for inadequate consideration will be taxed from which financial year and which assessment year. When does the law come into force.
Edit: is it applicable for agricultural land purchase too

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2014 It is applicable for the financial year 2013-14 corresponding to the assessmnet year 2014-15.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 If the purchase is before consent of the president of India to pass the bill. Is it applicable for agricultural lands

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2014 President gave ascent to the Fin. Bill 2013 on 10.05.2013 to give effect to section 56(2)(vii)(b) w.e.f 1.4.2014.
In view of the above, your query seems infructuous.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 If the purchase is registered on 14.04.2013 . Will the purchaser be jeopardised for anomaly in guideline values.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 September 2014 see if section 294 can benefit you.

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