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Purchase of immovable property at lesser than govt value

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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 January 2015 The difference amount will be treated as income of the purchaser and will be taxed based on applicable slab rates.
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Rupesh Jain

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Rupesh Jain (Expert)
24 January 2015 it will be taxable according to u/s 50C
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pavan

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pavan (Querist)
24 January 2015 thank you seetharaman & rupesh jain.
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