TAXATION MATTER:
I had purchased a plot in Dec 2006 (FMV 7,29,000), for which the payments were made through [Cheque: 4,29,000 and Cash: 3,00,000], the break-up of which is as given below;
|
Date |
Amount |
|
30-12-2006 |
1,00,000 |
|
02-02-2007 |
2,00,000 |
|
12-10-2007 |
3,00,000 |
|
14-12-2007 |
1,29,000 |
|
Total |
7,29,000 |
Now, as on Date of registration i.e. 01-06-2022, FMV of plot is 26,00,000. The builder has shown the above receipts as advance in his books of accounts. On what value (i.e. 7,29,000 or 26,00,000), the builder is liable to pay tax? Calculate the tax liability. (Please quote the relevant section & provision) [Consider FMV=SDV]
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