Income tax

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YAGNESH HASMUKH DAVE (Querist)
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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

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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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.

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