Mr. A purchased land from Mr. B.
Stamp Duty Value = 13.5 lacs
Sales = 12.5 lacs
*Stamp on purchase paid by Mr. A = 95000
56 (2) (vii) = 13.5-12.5 = 1 lacs
OR
=13.5-12.5+95 = 5K
Tax as per 56(2)(vii)
Replies (6)
It is one Lac instead of 5k stamp duty is not part of the sale c consideration.
1 lakh is taxable in the hand of receiver.
I lakh is taxable in the hands of receiver...as income from other sources and.
1 Lack as sale consideration and the stamp duty value need to be compared and the diferrence is taxed.
One lack is taxable
One lakh rs. Is taxable in the hand of seller (mr. B)
Cost of acquisition of purchurer ( mr. A) is 12.5 + 1 +.95 = 14.45
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