Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2014 My Client have purchase a Land & Building under under Stamp Duty Value Price and that is actual price because that area is not so popular. But goverment rate is same for all the surrounding area.

under 50C what is the tax treatment in this case?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 October 2014 for purchasing property below stamp duty value, section 50c is not applicable to the buyer..he is covered under 56(2)(vii). difference between the stamp duty value and the consideration shall be treated as income from other source.

gbalakrishnan

gbalakrishnan (Expert)
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03 October 2014 file your return paying relevant CG tax on difference of amount and release yourself from any future action by taxman, unless you have any other solution of utilization of the difference in moneys.

there is case law by HC of Bombay stamp duty cannot be the criterion for moneys you paid to buy a property with a relevant sale deed/agreement. Taxman may not accept unless you attach a copy of the judgement.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 agreed with nikhil....................

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