10 November 2013
In a case where such property has been purchased from a non-relative,15.00 lac will be treated as income from other sources (Section 56(2)(vii)(b)(ii). . Consequently the purchaser X will be eligible to show the property value at Rs 45.00 in his/her balance sheet. .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
11 November 2013
Thanks sir.
Myself Ca Naresh Dattani Marine Lines,Mumbai
Can you please provide me you contact no.or email Id or Can you please contact me on this no 022-40226245.
11 November 2013
From 1-10-2009 to 31.03.2013, the immovable property transactions taking place without consideration, were only covered by Section 56(2)(vii)(b). . The transaction mentioned by you is taking place during FY 2012-13. But it is of the category of inadequate consideration, which is out side the scope of this section . Consequently, there is no tax incidence in this case. . My above reply is valid only for the transactions taking place after 31.03.2013 . .