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Section 56(2)(vii)

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Debabrota Roy

Debabrota Roy (Querist)
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31 May 2015 DEAR SIR,
PLEASE ADVISE ME ON THE FOLLOWING SUBJECTS,
CONSIDERATION MONEY RS 38LAKH AND VALUE UNDER 50C RS.39LAKH, NOW THE QUESTION IS THAT IS THE VENDOR OF THE PROPERTY LIABLE TO PAY TAX ON BALANCE OF RE 1 LAKH AS INCOME FROM OTHER SOURCES. AND THE PURCHASER IS ALSO LIABLE TO THE SAME EXTENT.
WITH REGARDS
DEBABROTA ROY

ramprasad (Expert)
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01 June 2015 vendor under capital gains and receiver under other sources...

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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01 June 2015 The seller will be liable to calculate his capital gains on section 50C value and purchaser will have to include Rs. 1 lakh under income from other sources.

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