Liability of purchaser & Seller
This query is : Resolved
satishjeswani
(Querist)
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?
what is the liability of both ?
is it necessary to file AIR return for purchaser?
CA PARAS BAFNA
(Expert)
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).
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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