Dear experts I have purchased a property which was first bought by another person in 2011 for 30 lacs but have not registered from builder just transfer. then I bought from him and he transferred it to me last month for 40 lacs paid by cheque and I got it registered by builder in my name. in the registery builder have mentioned 30 lacs as amount which he received from first owner and date of agreement as 2011 between us. my query is
1. in this case section 56 is applicable or not.
2. if applicable what will be cost of acquisition for me 30 or 40 lacs.
regards
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section 56 (2) vii b
Replies (8)
1. Yes
2. COA or stamp duty valuation, whichever higher.
sir COA for me and first owner is different but in registration builder mentioned first owner COA because this is what the builder have received. in case I will mention mine COA is it correct?
What is stamp duty value?
Sir stamp duty value is 5450000. what will be my tax liability sir. 5450000 - 4000000 or 5450000-3000000. I paid 4000000 lacs by cheque to owner.
As per the referred section, you will be liable to pay tax over 54.5 minus 40L u/h IFOS.
thank you sir even if they have mentioned 30 lacs in registration, I will pay tax as per what I have paid
Yes, provided you have paid the amount via banking channel, having proper receipts.
thank you sir for your time
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