Person A hold a land with Market value of Rs. 40 lakhs & purchase value of Rs 20 lakhs in his sale deed done 3 yrs back.
Now Planing to sell it Person B whose Market value is Rs.60 lakhs but with Purchase value of Rs.45 lakhs. Person B is ok to pay styamp duty as per the govt. fair valu or market value .
what are the tax implications to person A as well as Person B.
Refer section 50C and 56 ( 2) ( vii) ( b)
Mr. A planning to sale that land to Mr. B
Market Price is 60 lakh
But Sale Price is 45 lakh in your case
Am I right??
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