Section 56 (2)(vii)(b) immovable property
This query is : Resolved
25 August 2016
Hi,
I have purchased immovable property on 31.01.2014 which is less than market value and the difference amount is more than?50,000 and recently received notice from Department that difference amount will be taxable. Can anyone please suggest whether it is taxable or not??
Because It is applicable from 01.04.2014 as amended by finance act, 2013.
Amol S Joglekar
(Expert)
25 August 2016
it is w.e.f. 01/04/2009.....where did you get the date of 01/04/2014?
25 August 2016
Hi Amol Ji,
w.e.f. 01/04/2009 is for without consideration. But, in fin act 2013 it is substituted that even for inadequate consideration i.e., w.e.f. 01/04/2014.
Then its applicable if transaction was done on 31/01/2014??
Thank you
25 August 2016
Hi Amol ji,
W.e.f 01/04/2009 is for without consideration. But it is amended in Fin act that even for inadequate consideration which is applicable w.e.f. 01/04/2014.
if transaction was done on 31/01/2014 whether it is applicable or not?
Thank you
25 August 2016
Hi Amol ji,
W.e.f 01/04/2009 is for without consideration. But it is amended in Fin act that even for inadequate consideration which is applicable w.e.f. 01/04/2014.
if transaction was done on 31/01/2014 whether it is applicable or not?
Thank you
Amol S Joglekar
(Expert)
25 August 2016
can you please send the relevant link? .....I am not getting the same on income tax portal..... Please send.....
25 August 2016
Thanks for Reply Amol ji,
below is the link..
https://www.itatonline.org/articles_new/s-562viib-controversies-arising-after-amendment-by-finance-act-2013/
Amol S Joglekar
(Expert)
25 August 2016
unless otherwise specifically stated, the reference of date is to be construed as Assessment Year.
when it says that with effect from 01/04/2014 means assessment year 2014-15....i.e. financial year 2013-14..... so your transaction is covered in that period
when it says that with effect from 01/04/2014 means assessment year 2014-15....i.e. financial year 2013-14..... so your transaction is covered in that period
Amol S Joglekar
(Expert)
25 August 2016
you are most welcome.
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