Taxability on purchases of flat

When purchasing a flat, if the actual sale price is less than the government's stamp duty value, the difference can be subject to income tax. Specifically, if this difference exceeds £50,000, it is taxable under the 'income from other sources' head as per Section 56(2)(x) of the Income Tax Act. It's advisable to ensure the sale consideration matches or exceeds the stamp duty value to avoid this tax liability.