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Sale of building

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(Querist)
18 April 2015 A company building has been sold for Rs 1.75 crores and the value as per govt valuation is rs 3 crores now the seller while paying capital gain tax has to consider government value ie Rs 3 crores.
Does the buyer has any implication as he has purchased the property at and undervalued rate of RS 1.75 crores the buyer is a pvt ltd co. kindly answer.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
18 April 2015 In my view, the Pvt Ltd Company will not have any tax implication, as Section 56(2)(vii)(b) is applicable to Individual and HUF only.
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Rupesh Jain

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Rupesh Jain (Expert)
18 April 2015 THIS SECTION APLICABLE ON INDIVIDAUL AND HUF
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