Section 56(2)(vii)(b)
This query is : Resolved
MADHAV SURI
(Querist)
23 September 2014
Dear experts,
As per finance bill 2013, (A/Y 2014-15) the purchaser of the immovable property was liable to be taxed of the difference between the consideration paid and the stamp duty value, if the purchase consideration is less than that of stamp duty value.
Section specifically says that this section applies to HUF and indivisuals only.
My query is that is it applicable to companies ( private limited)also, if yes then under which section?
As per finance bill 2013, (A/Y 2014-15) the purchaser of the immovable property was liable to be taxed of the difference between the consideration paid and the stamp duty value, if the purchase consideration is less than that of stamp duty value.
Section specifically says that this section applies to HUF and indivisuals only.
My query is that is it applicable to companies ( private limited)also, if yes then under which section?
Nikhil Kaushik
(Expert)
24 September 2014
no it doesnt applies to companies
MADHAV SURI
(Querist)
24 September 2014
Sir, thanx for your suggestion.
Please also clarify whether the same situation is covered under any other section also or companies are all together exempt for this situation?
Please also clarify whether the same situation is covered under any other section also or companies are all together exempt for this situation?
Nikhil Kaushik
(Expert)
24 September 2014
they are totally exempt as of now......
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24 September 2014
yes these are not taxable presently
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