taxability
This query is : Resolved
Rinkita Chheda
(Querist)
29 December 2010
What in case if a builder sells a flat at Rs. 75 lacs having market value Rs. 1 crore?
Give taxability for both sides - 1) Builder
2)Purchaser
Give taxability for both sides - 1) Builder
2)Purchaser
Aditya Maheshwari
(Expert)
29 December 2010
no further taxability u/s 50C for the builder and u/s 56(2) for the purchaser other than normal tax on profit
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Rinkita Chheda
(Querist)
29 December 2010
But,
As per Finance Act 2010, it is given that, " if the consideration is there but inadequate, there would not be ant taxation in the hands of the purchaser, however as stated herein before the seller would continue to be taxed on capital gains on the the basis of stamp valuation or sale price whichever is higher."
As per Finance Act 2010, it is given that, " if the consideration is there but inadequate, there would not be ant taxation in the hands of the purchaser, however as stated herein before the seller would continue to be taxed on capital gains on the the basis of stamp valuation or sale price whichever is higher."
Aditya Maheshwari
(Expert)
30 December 2010
The builder will show business income and hence 50C will have no implication there as 50C is applicable for capital gains only.
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