IMMOVABLE PROPERTY
This query is : Resolved
27 December 2010
MY CLIENT IS PLANNING TO BUY A GARRAGE FOR RS. 1,00,000/-.
VALUE FOR REGISTRY FOR THE SAME IS APPROXIMATELY RS. 4,00,000/-
WILL HE BE HELD LIABLE TO PAY INCOME TAX FOR THE DIFFERENCE ie Rs. 3,00,000/- AS NOTIONAL PROFIT?
VALUE FOR REGISTRY FOR THE SAME IS APPROXIMATELY RS. 4,00,000/-
WILL HE BE HELD LIABLE TO PAY INCOME TAX FOR THE DIFFERENCE ie Rs. 3,00,000/- AS NOTIONAL PROFIT?
27 December 2010
If you are paying RS. 1 lakhs, being a purchaser, no tax liability will arise in your case.
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