Income tax
This query is : Open
12 December 2014
I HAVE PAID FULL PAYMENT OF FLAT CONSIDERATION 15 LAC IN MAY 2012 TO THE BUILDER AND ALLOTMENT LETTER OF FLAT IS TAKEN NO AGREEMENT OF SALE DEED IS REGISTERED.
SUPPOSE IF NOW SALE DEED IS REGISTERED FOR VALUE OF CONSIDERATION PAYMENT ALREADY MADE FOR RS 15 LAC WHEREAS MARKET VALUE AS PER STAMP DUTY REGISTRAR IS RS 45,00,000/-.
WHETHER SECTION 43 CA ,50C, 56 (VII) B& C OF I TAX APPLICABLE TO MY SUCH AGREEMENT MADE.PL LET ME KNOW THE COSEQUENCE UNDER I TAX ACT IF DONE AS ABOVE
SUPPOSE IF NOW SALE DEED IS REGISTERED FOR VALUE OF CONSIDERATION PAYMENT ALREADY MADE FOR RS 15 LAC WHEREAS MARKET VALUE AS PER STAMP DUTY REGISTRAR IS RS 45,00,000/-.
WHETHER SECTION 43 CA ,50C, 56 (VII) B& C OF I TAX APPLICABLE TO MY SUCH AGREEMENT MADE.PL LET ME KNOW THE COSEQUENCE UNDER I TAX ACT IF DONE AS ABOVE
16 December 2014
Provisions of section 56(2)(vii)(b)will be applicable to you as you are buyer. The purchase consideration paid by you is less than the stamp duty value determined by the registrar by more than Rs. 50000/- in which case the entire difference will be liable to tax.
Message likes :
1 times
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Merchant Export Accounting
- Lease agreement and tax on sale
- E Commerce GSTR1 & 3B how to file
- 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
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
