hello. I bought under construction property in 2013 for 44 lakh. agreement was registered in april 2017 and stamp duty paid at circle rate of 66 lakh. sold property in may 2017 for 66 lakh. i guess difference between 66 lakh(circle rate) and 44 lakh (purchase consideration) would be treated as income under section 56 2 (VII)? if so and if i pay income tax on this 22 lakh, do i still have to calculate and pay capital gain tax? if so, would it be short term gain or long term gain?
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Capitl gain after section 56 2 (vii)?
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Yes, rs 22 lakhs shall be treated as income u/s 56(2)(vii).
Capital gains in this case will be nil, because cost of acquisition will be same as sale consideration i. e. 66 lakhs.
Capital gains in this case will be nil, because cost of acquisition will be same as sale consideration i. e. 66 lakhs.
Thanks. Some CA telling me that last year govt brought some notification hence along with tax on income from other sources u/s 56 (2) (vii), capital gain would also be payable on 22 lakh being difference between sale price and my original purchase consideration. Pls advise
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