Purchase of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2011
A (Individual) purchased a residential plot from B. On the face of Sale Agreement Sale Value (Vikray Mulya) is Rs. 2.10 Lac but Assessed Value (Maliyat Mulya) is Rs. 2 Lac. Stamp duty paid on Rs. 2 lac/-. Sale consideration is paid Rs. 2.10 Lac.
1. Whether sale value can exceed than Assessed Value.
2. If yes, who will be capital gainer and what would be tax implications. Which section will apply and upon whom.
1. Whether sale value can exceed than Assessed Value.
2. If yes, who will be capital gainer and what would be tax implications. Which section will apply and upon whom.
01 July 2011
As I know, Stamp Duty has to be paid on Sale price, in case it is exceeding such assessed value.
1. Sales value may exceed the Assessed value.
2. Capital gain will be calculated in the hands of the seller B. Relevant Sections are 45 and 48.
1. Sales value may exceed the Assessed value.
2. Capital gain will be calculated in the hands of the seller B. Relevant Sections are 45 and 48.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Sales amount in Gstr1
- Supply through E-commerce Operators
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- Lease agreement and tax on sale
- REGARDING SECTION 44AE
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
