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income tax under sec 56
sir I have purchased a property in Jan 2015 on agreement by paying Rs 300000 full payment in cash but didn't registered it. Now I want to registered it in my name. According to present dlc rate( circle rate) it value is Rs 450000. Now I want to know difference amount Rs 150000 will be considered as income from other heads for me and will be taxable. If yes how much?
Replies (3)
As the payment was all in CASH......... it will be taxable......
But sir payment is given before 1 June 2015 . And section 269 as is applicable from 1 June 2015
That apart......... when you are going for registration of the property in 2017..... section 56 (2)(x) will be applicable.......
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