Rural agriculture land transferred at a
value less than stamp duty value.
What would be the tax consequences on such difference amount ??
Please guide..
In my opinion, the difference amount is taxable in the hands of receiver, as he is getting immovable property for inadequate consideration.
Also, the exemption of rural land as a capital asset is a standalone section, we can't assume that it is also applicable on taxability under IFOS(getting immovable property for low consideration).
CAclubindia
