a person acquired immovable property for 10 lacs but the SDV was 25 lacs.
what are the tax implications on it?
Is it taxable u/s 56(2)(x) or some other tax implications?
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Immovable property acquired less than SDV
Replies (2)
Yes, the differential amount is taxable u/s. 56(2)(x) of IT act.
Differential amount is considered as income from other sources under sec. 56(2)(x).
Tax is payable on differential amount along with interest (if applicable).
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