56(2)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 In finance bill 2013 sec 56 (2) vii has been introduced and the effective date is 01-04-2014, A property is purchased for inadequate consideration will be taxed from which financial year and which assessment year. When does the law come into force.
Edit: is it applicable for agricultural land purchase too

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2014 It is applicable for the financial year 2013-14 corresponding to the assessmnet year 2014-15.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 If the purchase is before consent of the president of India to pass the bill. Is it applicable for agricultural lands

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2014 President gave ascent to the Fin. Bill 2013 on 10.05.2013 to give effect to section 56(2)(vii)(b) w.e.f 1.4.2014.
In view of the above, your query seems infructuous.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 If the purchase is registered on 14.04.2013 . Will the purchaser be jeopardised for anomaly in guideline values.