one of the assessee purchased flat
govt value is 22 lac
The actual sale value is 15 lac
then any tax liability arises on the difference amount i.e 7 lac
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Taxability on purchases of flat
Replies (5)
Yss if the assessee pays the amount less than stamp duty value is taxable under the head income from other sources
That means the whole amount of Rs 7lac is taxable
What is the fair market value existing on that date.
Radhika
As per section 56(2)(×), 7lakh being the difference of sale consideration and SDV greater than 50000 is taxable under the head of Other sourced
It would be better for you if seller sold the property with sale consideration of 22lac.
As per section 56(2)(×), 7lakh being the difference of sale consideration and SDV greater than 50000 is taxable under the head of Other sourced
It would be better for you if seller sold the property with sale consideration of 22lac.
Here 56(2)(x) does not arise
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