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Income tax query

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DEEPAK KUMAR

63 Points Posted on 02 June 2020

assessee purchase property in f.y 2012-13 rs 13 lacs and dlc value is rs 21 lacs kindly suggest any gift income added in the hand of purchaser in f.y. 2012-13

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Quick Summary

This discussion clarifies income tax implications when purchasing property. It addresses a specific scenario where a property was bought for Rs 13 lakhs, but its DLC value was Rs 21 lakhs in FY 2012-13. The query explores whether the difference should be treated as gift income. It's noted that the relevant tax provision for this scenario is applicable from AY 2014-15 onwards.