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Ios inadequate conidration immovable property


Sunil (Trader)     23 July 2013

Sunil
Trader 
 101 likes  2602 points

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U/s 56, in case difference between consideration for purchase of immovable property by Individual or HUF and the value of property for payment of stamp duty exceeds by Rs.50000, the entire difference is treated as IOS. What is the case when more than one multiple owners purchases the property. Will the difference be taxed on the first name appearing in the agreement or equally amongst all or at the hand of each co owner purchasing?




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