tax on property

hi friends

kindly let me know that

is there any regulation under IT act regarding tax implication on purchaser of property (ie. land building)

at a short consideration than stamp value.

1. so far sec 50C is concerned it affects to seller.

2. recently sec 56 is extended to gift in kind.

any other sec also affect?

 

regards

reena jain

Replies (1)

        

           For the purchaser of the land or building, the cost of acquisition will be the same as agreed upon and contracted between the two parties & not the value adopted by SVA. That is why it is said that property should be transferred at least at the circle rates or the value as listed by the stamp valuation authority because other wise also the stamp duty and cap gains are to be paid on such SVA value and in case property is transferred at 'lesser amount', the COA for the buyer will be that 'lesser amount' only and when tbe buyer will sell it in future, he has also to pay tax on the amount by which the SVA exceeds the 'lesser amoun'!!!!!!!!!!!

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 06 August 2026
Junior Accounting Associate

Prish Consultancy LLP

New Delhi

B.Com

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details
Company
ARTICLESHIP 10 August 2026
Article Assistant

Suraj Garg and Associates

New Delhi

CA Inter

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details