Income that can be deemed by ao u/s 56(2)(vii)
This query is : Resolved
13 December 2014
Mr. A purchased land from Mr. B.
Stamp Duty Value = 13.5 lacs
Sales = 12.5 lacs
*Stamp on purchase paid by Mr. A = 95000
56 (2) (vii) = 13.5-12.5 = 1 lacs
OR
=13.5-12.5+95 = 5K
Stamp Duty Value = 13.5 lacs
Sales = 12.5 lacs
*Stamp on purchase paid by Mr. A = 95000
56 (2) (vii) = 13.5-12.5 = 1 lacs
OR
=13.5-12.5+95 = 5K
14 December 2014
Consideration i.e., 12.5 lacs .
So taxable under the other source of income will be the Rs. 1 lacs.
So taxable under the other source of income will be the Rs. 1 lacs.
14 December 2014
Sir,
But Mr. X had also paid Rs. 95000 thousand as stamp duty.
It will have no impact in 56(2)(vii) & why ?
But Mr. X had also paid Rs. 95000 thousand as stamp duty.
It will have no impact in 56(2)(vii) & why ?
14 December 2014
Mr. vishwakeerthi is right. For the purpose of section 56(2)(vii), the value adopted for charging stamp duty is considered, which in your case is Rs.1.00 lakhs(13.5 - 12.5).
The stamp duty of Rs.95000/- is the duty you have paid on value 13.5 lakhs.
The stamp duty of Rs.95000/- is the duty you have paid on value 13.5 lakhs.
14 December 2014
You get the benefit of Rs. 95000/- when you sold that assets i.e., you can claim the expenses or cost of acquisition when you sold the assets . Because you are not allowed to claim the expenses now under the provision of 56(2)(vii) .
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