Incometax on purchase of property

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Vishnu Kumar Sodhani (Querist)
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03 May 2015 My query is as under:

I have purchase one shop in 2012 when government rate is 4000/- psqft. I have simply made an sale deed with the builder.
Now in 2015 when shops are ready for possession, I meet to him for registered agreement. Now the government rate is Rs.5000/- psqft. The builder asking to pay the tax on the difference amount of Rs.1000/- psqft. I told him that i will pay only the stamp duty & reg. fees as per the today's rate.

I am correct or should I have to apy the the I. Tax to him on the diff. amount?

Under which section it is taxable.

Please help me.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 May 2015 you are correct. builder needs to manage his taxation on his own.

Vishnu Kumar Sodhani

Vishnu Kumar Sodhani (Querist)
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04 May 2015 But is there any tax liability on the builder and under which section of I.tax ?

Vishnu Kumar Sodhani

Vishnu Kumar Sodhani (Querist)
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04 May 2015 But is there any tax liability on the builder and under which section of I.tax ?

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