Property purchase
This query is : Resolved
09 December 2014
If I purchase a land say for 100000 as per market rate and government valuation of the same plot comes to 175000 and pay stamp duty for registration a per government valuation which price I shud treat as my purchase price as per income tax.Amount paid as per memo of consideration in deed of purchase is reflecting 100000 only
09 December 2014
Section 56(2)(vii) provides that in case of purchase of an immovable property, if difference between the Stamp Duty Valuation and actual consideration paid as per the agreement of sale is more than ` 50,000/-, such difference will be considered as "Income from Other Sources" in the hands of purchaser.
When you pay income tax for 75,000 as above then your consideration for income tax will be 1,75,000.
When you pay income tax for 75,000 as above then your consideration for income tax will be 1,75,000.
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09 December 2014
agreed with above ans.....................
09 December 2014
as per income tax act your value diff.,. is mire than 50000/- then rs. 75000/- will be taxable under income form other sources.
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