Capital gain
This query is : Resolved
27 January 2013
Is there any tax liability of capital gain in hands of buyer of immovable property if he/she purchased it at the value which is less than its market value.
28 January 2013
No. There is no tax liability in hand of buyer but if transfer is made between related parties and difference of acctual consideration and municipal value exceed Rs. 50000/- than it will be treated as gift
Guest
Guest
(Expert)
28 January 2013
Agree with Manoj Sir.
29 January 2013
For Immovable property if it is without consideration same will be treated as GIFT. In sale transaction of immovable property even if the sale value is less than Stamp Duty Value it will not be treated as gift liable for tax. Sect. 56(b)
In case of any property other than Immovable property if sale is for consideration which is less than the aggregate fair market value the difference will be treated as gift.sect. 56(c)
In case of any property other than Immovable property if sale is for consideration which is less than the aggregate fair market value the difference will be treated as gift.sect. 56(c)
30 January 2013
Manoj Sir , you mean if they are not related parties then there is no tax liability in hands of buyer as gift???
30 January 2013
If the Difference of agreement value and market value is around 10 lks
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