banner_ad

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.
Profile Image

ABHIMANYU JHAMBA

Profile Image

ABHIMANYU JHAMBA (Expert)
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.
Profile Image

ABHIMANYU JHAMBA

Profile Image

ABHIMANYU JHAMBA (Expert)
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
Profile Image

Studentsca

Profile Image

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details