Tax on Diff amount if property purchases less that Govt Stamp Duty Value.

This query is : Resolved

Pankaj (Querist)
Follow

16 December 2021 B purchases residential plot from C less than Govt Stamp Duty value ( i.e Purchase Consideration Rs 40 Lakh & Govt Stamp duty Value Rs 50 Lakh )
1) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of B ?
2) If B Show such transaction as stock in trade instated of capital assets , then U/s 56(2) (VII) provision is applicable or not ?

A is father in law of B.
If B Sold same residential plot to A less than Govt Stamp Duty Value( i.e Sale Consideration Rs 40 Lakh & Govt Stamp Duty Value Rs 50 Lakh ).

3) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of A ? can A take benefit u/s 56(2)(X) relative ?

4) Also As per U/s 50C - B has to pay any capital gain ? Because B purchases such plot to Rs 40 Lakh &sold of Rs 40 Lakh but as per u/s 50C Govt Stamp duty value Rs 50 Lakh will be considered as sales consideration .

sir please explain

Pankaj

Pankaj (Querist)
Follow

16 December 2021 Sir please reply . Your reply is valuable

Pankaj

Pankaj (Querist)
Follow

16 December 2021 Sir please reply.
Thanks