Liability of purchaser & Seller

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satishjeswani (Querist)
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26 June 2011 If individual purchase a porperty from builder Rs. 2,00,000 (Actual value) but as per stamp duy valuation property is RS 3,00,000

what is the liability of both ?

is it necessary to file AIR return for purchaser?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2011 AIR return is applicable for transactions of the tune of Rs 30.00lac or above.

The builder can calculate his income on the basis of actual sale price as Section 50C is not applicable to the builder when the asset sold by him is not a capital asset for the seller (builder).

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