Property value rose before registration; ITAT scraps Rs 11.35 lakh tax on buyer
Here, the difference of approximately Rs 22.71 lakh exceeded 10% of the agreed purchase price of Rs 1.23 crore.
Useful takeaways from this story.
Here, the difference of approximately Rs 22.71 lakh exceeded 10% of the agreed purchase price of Rs 1.23 crore.
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...
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The useful part
Here, the difference of approximately Rs 22.71 lakh exceeded 10% of the agreed purchase price of Rs 1.23 crore. 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.
Details worth keeping
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.
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