Dear All,
My friend diverted their rural agriculture land & developed colony iinto plots & sales them as business asset. my friend also sold the plot less than stamp valuation.
1) Whether Sec. 50C will be applicable ?
2) whether sec 56(2) will be applicable on the buyer & whether they have to pay tax on difference between amount of stamp duty valuation & actual purchase price paid by them.
Yes i think Sec 50C will be applicable
In case, property is booked on installments, & cricle rate is increased by the time of registration, resulting actual payment is previously booked at a much lesser value than that of the present increased circle rate, then------
whether above sec. will apply ?
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
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Anupam Parashar & Co.
Ghaziabad
CA Final
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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RBSM Corporate Advisors Private Limited
Pune
CA
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CCI
Pro
CAclubindia
