Income tax on the property purchased u/s 56(2)vii will arise
This query is : Resolved
sujoy paul
(Querist)
06 July 2016
A Private limited company purchased factory land & Building and plant & machinery from a partnership firm on 06.11.2013 stamp duty value Rs. 6.10 crore but deed value(actual Price) Rs. 1.50 crore, Bank financed Rs. 1.00 crore TL, bank valued by em-paneled valuer value Rs. 2.40 crore . What tax implication will arise? Company paid Rs. 1.00 lac against 26QB.
Soumitra Basu
(Expert)
07 July 2016
THERE IS NO TAX IMPLICATION ON PURCHASES.
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