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
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).
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