Section 56(2)(vii)(b)

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MADHAV SURI (Querist)
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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?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 no it doesnt applies to companies

MADHAV SURI

MADHAV SURI (Querist)
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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?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 they are totally exempt as of now......

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 September 2014 yes these are not taxable presently

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