in one of case, party have purchased a land in Rs. 24lakh while Govt. value is 75 lakh.
what amount will be added under the head of purchaser.
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Issue related to 56(2)(vii)
Replies (7)
It’s always the transaction cost that you have paid. This is because it is first valued at cost then in the next year, it can be valued at either cost or revaluation method
Thanks
The difference is quite high. The gap amount might be treated as unexplained amount of investment .
Ok...do you think the unrealised gain should be disclosed as it cannot be initially recognised
Se 56(2)(x)will be applicable and the difference between 7500000 and 2400000 will be taxable under other head
Purchase value but if Tax paid on govt value then at that value
Is this personal income....do what others are saying and I only prescribe for company accounts
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