Purchase of lease hold property

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I purchased lease hold industrial plot from govt. for less than stamp value . whether section 56(2) will be applicable for lease hold property.
Replies (3)
If it's purchased directly from Government then no application of 56(2) .

 

Section 56(2)(x) deals with the case when a person purchase property for consideration less than stamp value. In case you have purchased Industrial plot from local authority/ government as defined in the explanation to section 10(20) then section 56(2)(x) shall NOT be applicable in your case.

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