Sec 56 (2)(vii) of income tax act

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Surbhi gupta (Querist)
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26 September 2015 if a property is purchased at less than circle rate then the difference between the actual amount paid and circle rate is taxable in the hands of buyer. but if the same is purchased from society then the same is exempt or still taxable? ?is there any tax planning possible for the same...

Amol S Joglekar

Amol S Joglekar (Expert)
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26 September 2015 the clause is not applicable to trust or local authority or university etc. but society is not covered under this. So tax planning per se is available.

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