Assessee has bought a land property in the FY 2011-12. The consideration has has bought is less than the guideline value prescribed by the Sub Registrar.
Will the provisions of section 50C attract in this case ?
Buyer - section 50C - FY 2011-2012
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50c in the hands of the buyer - fy 2011-2012
Replies (4)
no sec 56(2) will be applicable
for buyer section 56(2)(vii) will be applicable, if stamp duty valuation is exceeding 50k than actual consideration received
Assessee bought a land for 30 Lakhs on July 2011. However, Fair market value is Rs. 50 Lakhs,
Can the difference 20 Lakhs is taxable in the hands of the assessee (buyer) as income from other sources for the AY 2012-2013 ? If yes, under which section ? Please guide
yes u/s 56(2)(vii)
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