Applicability of section 56(2)(vii)
This query is : Resolved
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)????
Nikhil Kaushik
(Expert)
10 November 2014
56(2)(vii) is not applicable to companies...
10 November 2014
so, can a pvt ltd company buy a property at consideration less than govt. valuation?
Nikhil Kaushik
(Expert)
10 November 2014
yes..it can...........
Nikhil Kaushik
(Expert)
10 November 2014
you are welcome Nisha....
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