Deemed income
This query is : Resolved
27 January 2017
My Client purchased a land from her husband brother at Rs 40 lacs and the stamp duty was paid on Rs 1.89 crore.So will the deemed income will be attracted on my client?
27 January 2017
As the purchase is from relative deemed income will not be attracted.
28 January 2017
The difference amount, deemed income is treated as gift and taxed. As the purchase is from a relative tax will not be attracted for gifts.
29 January 2017
sir,In my client Balancesheet i have to show that land at FMV or at Consideration price.
30 January 2017
Show the land at FMV treating the difference under exempted gift.
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