Tax liablity for income from other sources
Our firm (Partnership
Firm) has purchased Industrial Plot in MIDC and the amount considered for registration is lower than stamp duty value. Whether the difference amount will be considered as income from other source? As per rule 56(2)(vii)b only individual and huf are covered under this rule, please advise.
Replies (1)
Hello, Yes Section 56(2) (vii)(b) applicable in the case of Individual & HUF only…
But in your case Section 50C attracted in hand of Seller.
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