Bala (Student) (498 Points)
25 May 2010
Friends help me in this regard..
Mr. X sold his residential house property for Rs. 40,00,000/- to Mr. Y..Property value for the purpose of stamp duty is Rs. 50 lacs (Sec 50C)...
Capital gain is chargeable in the hands of Mr. X with sale consideration as Rs. 50 lacs....
Is Rs. 10 lacs chargeable as gift in the hands of Mr. Y !!!!!!!!!!!!!
Rahi Naik
(student)
(180 Points)
Replied 25 May 2010
as per sec 50c mr x not always liable 4 tax on stamp value..as far as gift consider...its always taxable
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 25 May 2010
yes... if Y is not a relative of X
vide 56(2)(vii)
CAclubindia
