Income from other sources section 56(2)

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student
186 Points Posted on 17 September 2020
Case :

Land purchased,
stamp duty value - Rs. 1,31,00,000
amount paid : Rs. 71,00,000

Whether the difference amount will be consider as income under head other sources under section 56??
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On 17 September 2020 at 13:32 Report
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Quick Summary
This discussion clarifies whether the difference between the stamp duty value of a purchased property and the amount actually paid is considered taxable income under Section 56(2) of the Income Tax Act. If this difference exceeds fifty thousand rupees, it is indeed taxable under the head 'Income from Other Sources' for the recipient.

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47 Points Posted on 18 September 2020
Definitely, as it exceeds by 50000. it will be taxable in the hands of transfree under head other sources.
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On 18 September 2020 at 01:25
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Tax and Business Consultant
11616 Points Posted on 18 September 2020
As per Section 56(2)(x), any person receives an immovable property for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, stamp duty value of such property as exceeds such consideration is taxable as income from other sources... So, for you_difference is taxable.
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On 18 September 2020 at 23:24

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