06 April 2013
The amendment has been brought u/s 56(2)(vii)(b)...and not section 50C..... And yes, the buyer needs to pay tax on differential amount (Stamp value less sale consideration) in case such difference exceeds Rs. 50,000 The following can be exmplained with the help of following example:
Mr. A sold land to Mr. B: Sale consideration---Rs. 90 Lacs Stamp valuation value---Rs. 95 Lacs
For seller: Sale consideration for seller(as per section 50C)---Rs. 95 lacs
For Buyer: The amendment is that the buyer has to pay the tax on Rs. 5 Lacs(i.e. 95-90 lacs).
CAclubindia
