16 December 2021
B purchases residential plot from C less than Govt Stamp Duty value ( i.e Purchase Consideration Rs 40 Lakh & Govt Stamp duty Value Rs 50 Lakh ) 1) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of B ? 2) If B Show such transaction as stock in trade instated of capital assets , then U/s 56(2) (VII) provision is applicable or not ?
A is father in law of B. If B Sold same residential plot to A less than Govt Stamp Duty Value( i.e Sale Consideration Rs 40 Lakh & Govt Stamp Duty Value Rs 50 Lakh ).
3) Then as per U/s 56(2) (VII) Diff of Rs 10 Lakh will be added in other income in the hand of A ? can A take benefit u/s 56(2)(X) relative ?
4) Also As per U/s 50C - B has to pay any capital gain ? Because B purchases such plot to Rs 40 Lakh &sold of Rs 40 Lakh but as per u/s 50C Govt Stamp duty value Rs 50 Lakh will be considered as sales consideration .
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