Section 56(2) (vii) property purchased
This query is : Resolved
Mallika Shah
(Querist)
04 November 2014
an asseesee has purchased a immovable property for value less than stamp duty value,in financial year 2013-14.
how will section 56 (2) (vii) of Income Tax effect him?
how will section 56 (2) (vii) of Income Tax effect him?
Nikhil Kaushik
(Expert)
05 November 2014
difference between the stamp duty value and the actual purchase price is added to the income from other sources.
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Nikhil Kaushik
(Expert)
05 November 2014
difference between the stamp duty value and the actual purchase price is added to the income from other sources.
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Mallika Shah
(Querist)
14 November 2014
but what about applicability?? in which financial year??
Nikhil Kaushik
(Expert)
14 November 2014
sorry didn't get your query...the applicability will be the year in which transaction is done...
Nikhil Kaushik
(Expert)
14 November 2014
and it is applicable from AY 2014-15.
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