Income from other sources u/s 56(2)(X)(b)(B) IT Act
This query is : Resolved
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
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
14 June 2020
https://www.caclubindia.com/experts/income-from-other-sources-u-s-56-2-x-b-b-of-it-act-2774699.asp
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