Purchase of a property-income from other sources
This query is : Resolved
08 February 2016
"A" - a salaried person having net Taxable Income Rs.4,25,000/- p.a. purchased a flat in Kolkata for Rs.12,00,000/- (original transaction value) on April 2015, but stamp duty was paid on Govt.Value of Rs.20,00,000/- at d time of Registration (i.e. April 2015), agreement was made before 3 yrs.
Would u plz guide is there is any Tax liability?How much?What will b d procedure?Is d new sec 56(2)(vii)-INCOME FROM OTHER SOURCES is applicable?
Thnx.
Regds.Ashis.
Would u plz guide is there is any Tax liability?How much?What will b d procedure?Is d new sec 56(2)(vii)-INCOME FROM OTHER SOURCES is applicable?
Thnx.
Regds.Ashis.
08 February 2016
Yes, the difference amount of Rs. 8 lakhs will be treated as other income in the hands of transferee u/s 56(2)(vii) in case transferee is non-relative to the transferor. At the same time, the transferor is liable to pay capital gains tax by considering full value of consideration as Rs. 20 Lakhs as per section 48.
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