Section 56 of the Income Tax Act, gift

This query is : Open

Sunil Kaushal (Querist)
Follow

20 October 2009 Dear Sir,

If any person, who is a member of any housing society or co-operative society, has paid all the consideration amount before 1.10.2009 and wanted to get registered the property in his name from society, will the amended clause of section 56 2(vii) applicable to the buyer ?

One more question, is section 50c of the Income Tax Act'1956 applicable to housing or co-operative society, if it sells property at value less than the guidelines value ?

CA. Bikash Bogi

CA. Bikash Bogi (Expert)
Follow

20 October 2009 If the possesion is transferred & all consideration has been paid. then prima facie it will not hit 56 (2) (vii)

Rajeev

Rajeev (Expert)
Follow

23 October 2009 56 wont be applicable if possession is taken before 1/10/2009

The words which are used in the provision are "receives from a person or persons"

Its an ocean of arguments , CBDT is expected to clarify soon.

Sec 50C is applicable to all assessee's

Upgrade to CAclubindia Pro. Subscribe Now!