Purchase of immovable property at lesser than govt value
This query is : Resolved
24 January 2015
sir,
one of my client purchased immovable property
at a value lesser than government value i.e(purchased for 714000 where as govt value 2101000)so i need to know what is the tax treatment for purchaser point of view.
thanks in advance
one of my client purchased immovable property
at a value lesser than government value i.e(purchased for 714000 where as govt value 2101000)so i need to know what is the tax treatment for purchaser point of view.
thanks in advance
24 January 2015
The difference amount will be treated as income of the purchaser and will be taxed based on applicable slab rates.
24 January 2015
it will be taxable according to u/s 50C
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