12 May 2010
PLEASE I WOULD LIKE TO KNOW MR A SELL HOUSE PROPERTY ON RS 15 LAC CIRCLE RATE OF THIS HOUSE PROPERTY IS 20 LAC. WHAT IS LIABILITY OF DIFFERENCE OF RS 5 LAC IN THE HAND OF SELLER AS WELL AS PURCHASES.
12 May 2010
the seller would be taxed at the stamp duty valuation rate.
it was proposed by the last budget to tax the difference in the hands of the buyer also as gift but the same has been removed by this budget. So no tax on buyer of property
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