Sale of property


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Querist : Anonymous

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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??

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Querist : Anonymous

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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

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


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