23 October 2011
s-56(vii) when it is applicable? is this section applicable to purchaser of property? if property purchased bet financial year 08-09,is this section applicable to buyer of property? i want guidence.
23 October 2011
No, sec 56(2)(vii) applicable from w.e.f 1.10.2009 and applicable only gift transactions...building/property transfer without adequate considration covered by this sec. but not applicable to purchaser if purchase by considration/inadequate considration.
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