Ram received a land from his friend for INR 23,50,000. Stamp duty value of the land is INR 25,00,000. Amount taxable under the head income from Other Sources shall be ___________________.
a. INR 1,50,000 b. INR 50,000 c. INR 1,25,000 d. Nil
Menu
Income tax query
Replies (6)
D. Nil
amt taxable under income form other source will be nil.Rs 2500000 is considered as sale value for calculating capital gains.
amt taxable under income form other source will be nil.Rs 2500000 is considered as sale value for calculating capital gains.
a. Rs. 1,50,000/- INR
nil
Section 56(2)(vii)
(b) any immovable property,—
(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:
Hence, (25-23.50) Lac, I.e. Rs 1.50 lac will be part of total income U/H "Income from other Source"
Recent Topics :
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
Related Topics :
CAclubindia
