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Property purchased from Trust lower than stamp duty value
Please advise whether any form is filed or any declaration is made by an Individual or HUF for purchasing a property at a value lower than stamp duty value from a trust registered under section 12AA.
Replies (2)
Not required to file any form
Buying property from a trust below SDV:
• For the buyer (individual or HUF), if the stamp duty value exceeds the consideration by more than 10% (and Rs 50,000), the difference is taxable under Sec 56(2)(x) as Other Sources. No form needs to be filed. It's reported in the ITR.
• For the seller (trust), Sec 50C deems the SDV as consideration for capital gains (relevant for exemption computation under Sec 11).
• If the trust is selling to a "specified person" (trustee or relative), Sec 13 issues arise for the trust.
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