Sale of building
This query is : Resolved
ANIL SHARMA
(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.
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.
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.
Rupesh Jain
(Expert)
18 April 2015
THIS SECTION APLICABLE ON INDIVIDAUL AND HUF
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