For Sale Deed purpose
This query is : Resolved
30 October 2009
Facts of the Case:
We have Property Jantri of Rs. 10 Lakhs. And We want to make sale deed of Rs. 8 Lakhs..
Question:
1) Whether there is any conflicts of rules framed under Income Tax?
2) Can we make Sale Deed of Rs. 8 Lakhs?
3) Whether it is possible only in case of scruitiny??
4) Infact the property documents are to be made for Rs. 40 lakhs whereas jantri value is Rs. 50 lakhs. so what are the chances for selection for scruitiny in income tax?
Please answer as early as Possible!!
We have Property Jantri of Rs. 10 Lakhs. And We want to make sale deed of Rs. 8 Lakhs..
Question:
1) Whether there is any conflicts of rules framed under Income Tax?
2) Can we make Sale Deed of Rs. 8 Lakhs?
3) Whether it is possible only in case of scruitiny??
4) Infact the property documents are to be made for Rs. 40 lakhs whereas jantri value is Rs. 50 lakhs. so what are the chances for selection for scruitiny in income tax?
Please answer as early as Possible!!
01 November 2009
If the case is selected for scrutiny, Rs. 10
lac(50lac-40lac) shall be treated as Income
by the virtue of Section 56(2)(vii) in the hands of the purchaser.
lac(50lac-40lac) shall be treated as Income
by the virtue of Section 56(2)(vii) in the hands of the purchaser.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Specified Profession
- SALE BILL AGAINST GOODS RETURN
- GST Registration Horse racing
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
