Applicability of section 56(2)(x)
This query is : Resolved
28 February 2019
Assessee purchased land for rs. 10 lakhs to setup an industry.The former owner of land used the land for agricultural purpose, hence sale agreement was made based on the market rate of agricultural land.However, since the assessee had the intention to setup an industry on the said land,they paid the stamp duty on the rates which were applicable to Non agricultural land. Stamp duty was paid on Rs. 20 lakhs(rate of non agricultural land).Whether section 56(2)(x) is applicable on 10lakhs (20lakhs-10lakhs)?
01 March 2019
Yes 56(2)(X) applicable on 10 Lacs.
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