REGARDING APPLICABILITY OF SECTION 56(2)(vii) TO THE PURCHASER OF IMMOVABLE PROPERTY
This query is : Resolved
27 March 2023
IS SECTION 56(2)(vii) APPLICABLE TO THE "PURCHASER" OF IMMOVABLE PROPERTY IN CASE WHERE THE DIFFERENCE BETWEEN PURCHASE CONSIDERATION AND STAMP DUTY VALUE EXCEEDS RS. 50000/- ?
AND SUCH DIFFERENCE SHALL BE INCLUDED IN THE TOTAL INCOME OF SUCH PURCHASER IN THE HEAD OF OTHER SOURCE?
AND SUCH DIFFERENCE SHALL BE INCLUDED IN THE TOTAL INCOME OF SUCH PURCHASER IN THE HEAD OF OTHER SOURCE?
27 March 2023
1. Yes.
2. Correct.
2. Correct.
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