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Section 56(2) (vii) property purchased

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(Querist)
04 November 2014 an asseesee has purchased a immovable property for value less than stamp duty value,in financial year 2013-14.
how will section 56 (2) (vii) of Income Tax effect him?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 November 2014 difference between the stamp duty value and the actual purchase price is added to the income from other sources.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 November 2014 difference between the stamp duty value and the actual purchase price is added to the income from other sources.
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Mallika Shah

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Mallika Shah (Querist)
14 November 2014 but what about applicability?? in which financial year??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 November 2014 sorry didn't get your query...the applicability will be the year in which transaction is done...
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 November 2014 and it is applicable from AY 2014-15.

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