02 April 2013
mr.A(seller) have sold land of 30lacs ..mr.B ( buyer) have shown it at cost of 30lacs but stamp duty value is 45 lacs..wat are the tax implication for both buyer & seller as per new amendment??
02 April 2013
For seller(assuming he is not into real estate business): Sale consideration shall be considered as Rs. 45Lacs(Section 50C) while computing capital gains
For buyer: Rs. 15 Lacs(i.e. 45-30) shall be taxable under head "income from other sources". And when this buyer will sell later on the said property, then his cost of acquisition at the time of its sale thereon shall be Rs. 45 Lacs
The above provision shall come into picture w.e.f. 01-Apr-14.
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