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Real estate rate differnce
When purchasing real estate if the rate of ready reckoner i.e. govt rate is much higher than the real rate in that area and if the purchase is made at the lower real rate, what are the implications from income tax dept point of view?
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Department considers the rate as per ready reckoner rate and as per section 56(2)(vii)b; the difference is taxed as gift. (provided difference is more than 50K)
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