Sec 56 (2)(vii) of income tax act
This query is : Resolved
Surbhi gupta
(Querist)
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
(Expert)
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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