Tax treatment and sec 56 2(x) provision applicable
This query is : Resolved
09 January 2022
Sir,
Mr. A purchase of property from Mr.B value rs:50 lacs .the stamp Duty value this property is rs:65 lacs.
Question:
Tax treatment both persons and sec 56 2(X) provision applicable in it act.
Mr. A purchase of property from Mr.B value rs:50 lacs .the stamp Duty value this property is rs:65 lacs.
Question:
Tax treatment both persons and sec 56 2(X) provision applicable in it act.
09 January 2022
Seller is liable for capital gains tax considering 65 lacs as sale value.
Buyer is liable for tax considering 15 lacs as gift under section 56(2)(x).
Buyer is liable for tax considering 15 lacs as gift under section 56(2)(x).
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