Sale of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2017 due to finance problem seller sold property on less than FMV. Property SALE Value Rs. 20 Lacs but stamp value Rs. 80 Lacs and stamp duty paid on Rs. 80 Lacs by purchaser. Sales deed Rs. 20 lacs. my question is any liability on Purchaser regarding any Taxes.

ABHIMANYU JHAMBA

ABHIMANYU JHAMBA (Expert)
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13 May 2017 Yes, section 50C would get attracted. Was there a time lag between date of agreement and date of registration??

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2017 date of agreement on 1 july 2016 and date of registration 28 july 2016.

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ABHIMANYU JHAMBA

ABHIMANYU JHAMBA (Expert)
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13 May 2017 It appears that the circle rate on both the dates would be same. section 50C would get attracted as far as seller is concerned. If purchaser is an Individual or HUF, liability would get fastened u/s 56(1)(vii)(b).

Abhimanyu Jhamba
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