CAPITAL GAIN + OTHER SOURCE

Tax queries 491 views 2 replies
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Student
498 Points Joined February 2010

Friends help me in this regard..

Mr. X sold his residential house property for Rs. 40,00,000/- to Mr. Y..Property value for the purpose of stamp duty is Rs. 50 lacs (Sec 50C)...

Capital gain is chargeable in the hands of Mr. X with sale consideration as Rs. 50 lacs....

Is Rs. 10 lacs chargeable as gift in the hands of Mr. Y !!!!!!!!!!!!!


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On 25 May 2010 at 21:25 Report
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student
180 Points Joined July 2009

as per sec 50c mr x not always liable 4 tax on stamp value..as far as gift consider...its always taxable

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On 25 May 2010 at 22:20
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Research Analyst
360 Points Joined March 2007

yes... if Y is not a relative of X

vide 56(2)(vii)

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On 25 May 2010 at 22:22


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