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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Quick Summary
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.
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.