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Section 56(2)x and section 50c

chaudhary.akanksha77@gmail.com (35 Points)

05 March 2019  
Hello, I have bought a plot from a person who have not registered it in his name, only have allotment letter from Builder by paying full amount to him. Now i bought it from him and have registered it in my name from builder but my query is , I have bought it a price less than stamp duty value as per mentioned in registery by builder as he has received the same amount earlier, but if i include the premium i paid to the person who have earlier allotment, from whom i have purchased it goes at par with stamp duty value. All payment is made via cheque including premium. In this case does section 56(2)x will be applicable for not.

 12 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

What is the registered value of the property? Is it below circle rate?

chaudhary.akanksha77@gmail.com (35 Points)
Replied 05 March 2019

Yes value mentioned in sale deed is below circle rate, but there is some premium paid to the original buyer of property through cheque. If i combine both than if is at par with circle rate.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

Can you correlate the premium paid to original allottee through the deed registered with builder?

chaudhary.akanksha77@gmail.com (35 Points)
Replied 05 March 2019

Sir, I can only co-relate by showing the cheque that i have paid to his account. Actually the scenario is He had an agreement with the builder in 2011 for 22 lacs and at that time stamp duty value is also 22 lacs, but he has not registered the deed, than i purchased from him in 30 lacs last month and now stamp duty value is also 30 lacs, but in registered deed builder have only shown 22 lacs as this is the money he actually received. remaining 8 lacs i paid to the original owner through cheque before registered deed. 

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

As the value of the property is exactly 30 lakhs, Sub-registrar will sent information to ITD. Based on that you are bound to receive notice from department. To justify your claim of payment of Rs. 8 lakhs to first allottee you should collect all the previous information about the allotment and its cancellation, including the declaration of the 8 lakhs premium received by the first allottee in his ITR (and paid taxes over it, if liable). Otherwise you will have to pay the remaining part with interest & penalty.

chaudhary.akanksha77@gmail.com (35 Points)
Replied 05 March 2019

Sir, I have all the previous information regarding the allotment and cancellation of previous owner and also regarding the transfer from his name to mine. But i do not get his ITR return. Is showing the banking cheque payment of total 30 lacs to his name is not sufficient to justify our claim

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

Department is interested in revenue, and here you have to save yourself. So, getting his ITR and liable tax payment, if any; will only help you.

chaudhary.akanksha77@gmail.com (35 Points)
Replied 05 March 2019

Thank you sir. Just one last thing in registered deed company have mentioned that "there is agreement between myself and the company in 2011 for which we have paid by cheque". however this agreement is between the previous owner and the company but now they have transferred that agreement to my name and have mentioned the same in sale deed. Can we take benefit of this language and use stamp duty value of 2011.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

No.

For that you should have paid advance amount by cheque/DD/

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107951 Points)
Replied 05 March 2019

No.

For that you should have paid advance amount by cheque/DD in 2011.

2 Like

SHIVANI KUDTARKAR (494 Points)
Replied 05 March 2019

sub regiatrar is required to file statement of financial transaction, if transaction value EXCEEDS 30 lakh

Neemisha Khatri (Accounts) (283 Points)
Replied 06 March 2019

  114E. (1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.

10. Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more.

 

https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=https://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007545.htm&IsDlg=0

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