I have booked a residential flat (1650 sq.ft.) in a multistorey project consisting of 1000 flats from a Builder (construction company) in june 2006 @ Rs.1500/- per sq.ft.. I have paid the amount in Installments as per terms. The same will be completed & registered in December 2009. The valuation to be taken by Registrar for stamp duty purpose will be Rs.2300/- per sq.ft.
Whether I will be liable to be taxed u/s.56(2)(vii) for the differential Rs.800/- per sq.ft. on 1650 sq.ft. i.e. Rs.13,20,000/-?
CAclubindia
