An immovable property being a capital asset is being sold by a partnership firm, the sale consideration is less than the stamp value of the property, what will be the tax implications?
Section 56(2)(vii) is applicable to only individuals and HUFs, what about the partnership firm??
for immovable property, full value of consideration will be stamp duty value of the property.
and 56(2)(vii) will be applicable in the hands of the buyer if buyer is Individual/HUF.
for more queries : https://knowyourtaxation.blogspot.in/
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