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Sec. 56(2)vii b
I bought a property for RS 40 lacs for which stamp duty is 60 lacs. now as I have to pay tax on remaining amount, query is shall I deduct 5% from stamp duty value as govt. have announced 5% relaxation and pay the tax on considering stamp duty as 57 lacs by deducting 5%
Replies (2)
No, not deductible for tax assessment.
Thank you sir. there is another thing which is of concern. this property was first bought by another person in 2011 for 30 lacs but have not registered from builder. then I bought from him and he transferred it to me last month for 40 lacs by cheque and gets it registered by builder. in the registery builder have mentioned 30 lacs as amount and date of agreement as 2011 between us. in this case section 56 is applicable or not.
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