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
1. Yes
2. COA or stamp duty valuation, whichever higher.
CAclubindia
