HELLO FRIENDS....AS YOU ARE AWARE OF AMENDMENTS IN TH BUDGET 13-14 IN SECTION 56 (2) (VII) REGARDING TAXING THE DIFFERENCE BETWEEN PURCHASE PEICE AND STAMP DUTY VALUE OF A IMMOVABLE PROPERTY UNDER THE HEAD -INCOME FROM OTHER SOURCES.
THE ISSUE HERE IS-(1) FROM WHICH DATE THESE PROVISIONS ARE APPLICABLE
(2) WILL THIS INCOME FALL UNDER NORMAL TAX SLAB OR BE CHARGED @ 30%
WAITING FOR REPLIES.
THANKS
Hello Ajay,
i) The above amendment will take effect retrospectively from the 1st day of 2009.
ii) The above income from other sources will be taxed at normal rate of slab which is applicable.
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