purchase of property less than market value

Section 56(2)(vii)(b).

 According to the said section if the stamp duty value exceeds the purchase consideration by more than Rs.50,000 then, the difference between the Stamp Duty Value and the Purchase Consideration will be treated as Income u/h Other Sources.

If in this case the date of agreement to sell and date of actual registration is different the stamp duty value in respect of such transfer on the date of agreement shall be taken as sale consideration.