02 September 2010
any sum collected from employees toward the share of contribution to any wefare fund account shall be chargeable under the head of other sources. Plz explan it by giving an example.
2- any immovable property received for a consideration which is less than the stamp duty of which exceeds Rs. 50000/-. the difference between the amount of stamp duty valuation and the consideration paid shall betha sum taxable. Explain it with example
03 September 2010
Suppose you have sold a flat for Rs. 30 Lacs and this is the amount mentioned in the conveynce deed. The stamp duty payable on Rs. 30 Lacs is say Rs. 1.80 Lacs .However, the Property registration department assessed the value of the property at Rs. 50 Lacs and asked for additional stamp duty of Rs. 1.20 Lacs over and above Rs. 1.80 Lacs then Tax is to be paid on Rs. 20 Lacs U/s 56 of the IT Act But if the Department fix the stamp duty which does not exceeds 50000 then Section 56 would not be made applicable
CAclubindia
