08 April 2015
if I buy a property frm a builder at x amt but the govt rate is more then for wat I purchased for.. will the difference amt (wat I paid and the rate as per govt rate) be taxed as income ???
08 April 2015
Amit ji if you buy a property from a builder then you are the purchaser. There will be no income in your hand if you purchase at lower rate compared to Government rate and therefore no income tax will be payable by you.
08 April 2015
Tushar thanks for the above links. Was unaware of this amendment vide Finance Act, 2013, w.e.f. 1-4-2014. My earlier reply stands corrected. Please refer the amended provision of Section 56(2)(vii).
Which says : If the consideration is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration shall be taxable in the hands of purchaser under IFOS.
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