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Purchase of rural agricultural land

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(Querist)
27 March 2018 I purchase a rural agricultural land below the circle rate.The actual difference between circle rate and purchase rate is approximately 4 lacs.
Is the provision of section 56(2)(vi b) is applied or bot
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 March 2018 The provisions applicable if the difference exceed 5%.
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VIJAY KUMAR

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VIJAY KUMAR (Expert)
28 March 2018 Yes It applies to all kind of properties, unfortunately law is not properly drafted, in my view rural agriculture land should be spared as it is not the intention of the legislation to tax such notional income in the hands of purchasers.
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