Income from other sources u/s 56(2)(X)(b)(B) IT Act

This query is : Resolved

k M Goyal (Querist)
Follow

18 December 2019 Dear Sir,
My Client is an individual, he has made an agreement to purchase/sale of a commercial shop with a builder, and details of the agreement are as following:
1. Paid 10% of purchase consideration as advance through account payee cheque on the date of above agreement.
2. Date of agreement was 1st October, 2015.
3. Purchase price was settled @ Rs. 5,000/- per Sq. feet.
4. Stamp duty value (circle rate) on 1st October, 2015 was Rs.7,000/- per sq. feet.
5. Value assessed by Valuation Officer on 1st October, 2015 was Rs.5,000/- per sq. feet.
6. Registration of this shop was executed on 1st November, 2019 & circle rate on that date was Rs.9,000/- per sq. feet.
7. Value assessed by Valuation Officer on 1st November, 2019 (date of registry) was Rs.7,000/- per sq. feet.

Kindly advice whether any income chargeable to income-tax under the head Income from other sources or under any other head.
Regards,
Thanking in advance,

K M Goyal (FCA)
M No.: 9899799000

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
Follow

14 June 2020 https://www.caclubindia.com/experts/income-from-other-sources-u-s-56-2-x-b-b-of-it-act-2774699.asp

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GIRISH K SATTI

R M Shekhaliya

prasanth kona

Yandamuri yesu raju

efiletax

Subscribe Now

Income from other sources u/s 56(2)(X)(b)(B) IT Act

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT

Accountant

GST CONSULTANCY

CA Final