Ios by purchase of immovable property
This query is : Resolved
23 July 2013
U/s 56, in case difference between consideration for purchase of immovable property by Individual or HUF and the value of property for payment of stamp duty exceeds by Rs.50000, the entire difference is treated as IOS. What is the case when more than one multiple owners purchases the property. Will the difference be taxed on the first name appearing in the agreement or equally amongst all or at the hand of each co owner purchasing?
Rupesh Jain
(Expert)
23 July 2013
TAX AMOUNT PAID IN RATION OF PRORERY AMOUNT INVESTED BY EACH CO -OWNER
23 July 2013
Rupeshji if 4 owners buy and difference is below 2 lakhs, do each get benefit of 50000
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