11 March 2010
X sells a property to Y at Rs. 50,00,000. COA=20,00,000 ,Value as per SVA=65,00,000. FMV=65,00,000. Now According to new regulation what is the treatment in the hand of y under the Head Other sources? Isn,t it a case of Double Taxation??
11 March 2010
The finance bill 2010 has proposed to delete the provision with respect to property purchased below market value from non relatives and this will apply w. r. e. f. 01.10.2009.
So accordingly Y will have to pay no tax on acquisition
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