Property tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2014
If a partnership firm purchases a property for Rs 2 crore and the market price of the same is Rs 3.5 crore, then is the firm supposed to pay tax on the difference of market value and agreed value of Rs 1.5 crore (3.5Cr - 2Cr) ??
11 November 2014
No. It is not supposed to pay any tax on the difference amount
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