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 in the above case no tax is to be paid by X u/s 56(2) and A will pay capital gains tax on Rs. 200,000 (i. e. the stamp duty vlaue u/s 50C) - 150000 = 50000
12 March 2010
For the purpose of exams tax is to be paid by X u/s 56(2) on Rs. 200,000 - 60,000 = 140,000 and A will pay capital gains tax on Rs. 200,000 (i. e. the stamp duty vlaue u/s 50C) - 150000 = 50000
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