Tax u/s 56 (2 (x where registry value is less than SDV
This query is : Resolved
17 May 2020
Suppose Mr A purchases a house property for which he pays stamp duty on Rs 40 lakh which is the stamp duty value and he makes payment to seller for Rs 35 lakh paid through cheque which is the agreed amount , will there be any tax 56(2(x keeping in mind that he has paid stamp duty on Rs 40 lakh?
17 May 2020
Yes tax payable on 5 lacs u/s 56(2)(x). To avoid this tax it can be referred to valuation official.
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