Tax liability on purchase of flat/shop
This query is : Resolved
11 December 2015
WHEN I HAVE BOUGHT ONE SHOP OF RS.14 LACS AND STAMP DUTY VALUE IS 29.54 LACS AND I HAVE PAID STAMP DUTY ON THIS AMOUNT 29.54 LACS BUT SOME PEOPLE GUIDE ME THAT YOU HAVE TO PAY DIFFERNCE AMOUNT AS INCOME AND YOU HAVE TO PAY INCOME TAX ON 15.5 LAC .
CAN YOU GUIDE ME ON THIS SITUATION.
CAN YOU GUIDE ME ON THIS SITUATION.
12 December 2015
They are right as per section 56(2) of Income tax Act it is treated as income and tax payable on it.
12 December 2015
but actually value is less than index value
12 December 2015
The difference in value will be treated as gift and tax payable on it.
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