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Applicability of section 56(2)(vii)

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10 November 2014 If a pvt ltd company buys any property at less than govt. valuation, then can the difference between govt. valuation & actual consideration be trated as deemed income under section 56(2)????
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 November 2014 56(2)(vii) is not applicable to companies...
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Nisha

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Nisha (Querist)
10 November 2014 so, can a pvt ltd company buy a property at consideration less than govt. valuation?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 November 2014 yes..it can...........
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Nisha

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Nisha (Querist)
10 November 2014 Thank you so much sir
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 November 2014 you are welcome Nisha....
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