Property value rose before registration; ITAT scraps Rs 11.35 lakh tax on buyer
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Under Section 56(2)(x), there is applicable taxation of such a difference in the buyer's hands if the stamp duty value of the property is higher than the purchase consideration by more than the greater of Rs 50,000 or 10% of the consideration. Here, the difference of approximatel...
Under Section 56(2)(x), there is applicable taxation of such a difference in the buyer's hands if the stamp duty value of the property is higher than the purchase consideration by more than the greater of Rs 50,000 or 10% of the consideration. Here, the difference of approximately Rs 22.71 lakh exceeded 10% of the agreed purchase price of Rs 1.23 crore.
Original Source
https://timesofindia.indiatimes.com/business/india-business/homebuyer-paid-rs-91-lakh-upfront-for-a-rs-1-24-crore-property-but-circle-value-rose-to-rs-1-46-crore-by-registration-why-itat-kolkata-gave-her-tax-relief-and-deleted-rs-11-35-lakh-addition/articleshow/134630669.cms
