Income tax on new land & building purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2014
I HAVE PURCHASE A LAND & BUILDING OF PURCHASE/ PAYMENT VALUE RS.80,00,000.00 DT: 14-08-2013 AND GOVT. ASSESSED VALUE IS RS.1,00,00,000.00 STAMP DUTY PAID ON GOVT. ASSESS VALUE RS.1,00,00,000.00 SALE DEED REGISTERED ON 14-05-2013. NOW I PAY THE INCOME TAX ON EXCESS ASSESS VALUE OF GOVT. OF RS.20,00,000.00 PLEASE HELP ME FOR MY INCOME TAX RETURN
06 August 2014
in case of purchase there is no income tax applicable
06 August 2014
well please refer section 56(2)(vii)(b) which states that where any immovable property is received for a consideration which is less than the stamp duty value by an amount of Rs 50 thousand, the difference between the stamp duty value and the actual consideration shall be taxed as income from other sources.
So yes, you need to pay tax on the differential value!!!
So yes, you need to pay tax on the differential value!!!
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