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Income tax query

20 April 2019

Ram received a land from his friend for INR 23,50,000. Stamp duty value of the land is INR 25,00,000. Amount taxable under the head income from Other Sources shall be ___________________.

a. INR 1,50,000 b. INR 50,000 c. INR 1,25,000 d. Nil

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6 Replies

Lisha Bansal (CA Finalist) (2595 Points)
Replied 20 April 2019

D. Nil

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CA.Pankaj Rawat (Chartered Accountant) (1381 Points)
Replied 20 April 2019

amt taxable under income form other source will be nil.Rs 2500000 is considered as sale value for calculating capital gains.

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CA.Pankaj Rawat (Chartered Accountant) (1381 Points)
Replied 20 April 2019

amt taxable under income form other source will be nil.Rs 2500000 is considered as sale value for calculating capital gains.

Matoshree Thakur (other) (295 Points)
Replied 20 April 2019

a. Rs. 1,50,000/- INR

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Ashwin Kumar (1234 Points)
Replied 20 April 2019

nil

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Avinash Kumar (CA-Final Students) (192 Points)
Replied 21 April 2019

Section 56(2)(vii)

(b) any immovable property,—

(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;

(ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:

Hence, (25-23.50) Lac, I.e. Rs 1.50 lac will be part of total income U/H "Income from other Source"