18 December 2019
Dear Sir, My Client is an individual, he has made an agreement to purchase/sale of a commercial shop with a builder, and details of the agreement are as following: 1. Paid 10% of purchase consideration as advance through account payee cheque on the date of above agreement. 2. Date of agreement was 1st October, 2015. 3. Purchase price was settled @ Rs. 5,000/- per Sq. feet. 4. Stamp duty value (circle rate) on 1st October, 2015 was Rs.7,000/- per sq. feet. 5. Value assessed by Valuation Officer on 1st October, 2015 was Rs.5,000/- per sq. feet. 6. Registration of this shop was executed on 1st November, 2019 & circle rate on that date was Rs.9,000/- per sq. feet. 7. Value assessed by Valuation Officer on 1st November, 2019 (date of registry) was Rs.7,000/- per sq. feet.
Kindly advice whether any income chargeable to income-tax under the head Income from other sources or under any other head. Regards, Thanking in advance,
CAclubindia
