sir
one person has purchased land for 25 lakhs and the same was registered in 2013 year. the possession of the same property was handed over in 1992. whether any violation is there under section 56(2)(vii)(b) of income tax act. please clarify
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56(2)(vii)(b) of income tax act
Replies (2)
No violation if whole of property payment was effected (otherwise than in cash) in the year 1992 on or before agreement date.
If property alloted by allotment letter fixing price of property say 45 lacs to be paid on instalment basis or slabwise.
then agreement registered & stamp duty paid after completion of building in 2018.
the stamp duty paid on market value say 1cr
then any tax to pay under this section??
then agreement registered & stamp duty paid after completion of building in 2018.
the stamp duty paid on market value say 1cr
then any tax to pay under this section??
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