19 December 2015
One of our client who is builders Sell flat at the rate below the stamp duty value & He may accept money in cash. Date of agreement & date of registration of sell are in two different financial year.
My Question is which amount is taxable to builder? Whether it is Stamp duty on the date of agreement or stamp duty on the date of registration of deed.
please help me........ ( with example if possible) Thanks in advance....
19 December 2015
1. Stamp duty value shall be taken on the date of registration of such transfer.
Stamp duty value on date of agreement will apply only in a case where the amount of consideration or a part thereof has been received by any mode other than cash on or before the date of agreement for transfer of the asset.
19 December 2015
Hi Thanks........... for reply Please can you provide me under with section (1st point) specifies. (i.e. stamp duty value shall be taken on the date of registration of such transfer) (i am agree with your second point)
& Please tell me how do you present in your income tax return, because when you file income tax return you don't have the stamp duty value of registration of transfer.
19 December 2015
Hi Thanks........... for reply Please can you provide me under with section (1st point) specifies. (i.e. stamp duty value shall be taken on the date of registration of such transfer) (i am agree with your second point)
& Please tell me how do you present in your income tax return, because when you file income tax return you don't have the stamp duty value of registration of transfer.
19 December 2015
Dear 1 point is the interpretation of the section as the provisio provide to take sdv on date of agreement, it is the general interpretation taken from 50c
21 December 2015
Hi, Thanks for explanation But sir, you have not specify, how to present in income tax because while filing income tax return i will book sale on the date of agreement & on that date i may not have sdv of registration of such transfer. &
My second question, whether the above provision applicable on case to case basis or all cases if assessee received advances in cash from 1 or 2 customer. please clarify both my point with explanation. Thanks in advance...............
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