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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Income from other sources section 56(2)
Replies (2)
Definitely, as it exceeds by 50000. it will be taxable in the hands of transfree under head other sources.
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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