Sale of property


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
13 May 2017 due to finance problem seller sold property on less than FMV. Property SALE Value Rs. 20 Lacs but stamp value Rs. 80 Lacs and stamp duty paid on Rs. 80 Lacs by purchaser. Sales deed Rs. 20 lacs. my question is any liability on Purchaser regarding any Taxes.

13 May 2017 Yes, section 50C would get attracted. Was there a time lag between date of agreement and date of registration??

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
13 May 2017 date of agreement on 1 july 2016 and date of registration 28 july 2016.

13 May 2017 It appears that the circle rate on both the dates would be same. section 50C would get attracted as far as seller is concerned. If purchaser is an Individual or HUF, liability would get fastened u/s 56(1)(vii)(b).

Abhimanyu Jhamba
9218999999

Studentsca (Expert)
13 May 2017 Rs. 60 lakhs would be considered as the purchasers income and tax as applicable would be leviable.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details