Taxation
yagnesh dave
(Querist) 12 December 2014
This query is : Resolved
I HAVE PAID FULL PAYMENT OF FLAT CONSIDERATION 15 LAC IN MAY 2012 TO THE BUILDER AND ALLOTMENT LETTER OF FLAT IS TAKEN NO AGREEMENT OF SALE DEED IS REGISTERED.
SUPPOSE IF NOW SALE DEED IS REGISTERED FOR VALUE OF CONSIDERATION PAYMENT ALREADY MADE FOR RS 15 LAC WHEREAS MARKET VALUE AS PER STAMP DUTY REGISTRAR IS RS 45,00,000/-.
WHETHER SECTION 43 CA ,50C, 56 (VII) B& C OF I TAX APPLICABLE TO MY SUCH AGREEMENT MADE.PL LET ME KNOW THE COSEQUENCE UNDER I TAX ACT IF DONE AS ABOVE
Anirudh
(Expert) 12 December 2014
If you had made the payment of Rs. 15 lakhs by means of cheque, you can still maintain the same as full consideration, even though one may be paying stamp duty on the basis of current circle rate/guidance value. Section 43CA etc., will not come in the way. The key is the payment ought to have been made by means of CHEQUE.
Sailesh Kumar Shah
(Expert) 13 December 2014
in your case only 56(vii) will apply.
you can compute deemed income under said provision by :-
deemed income, if any= circle rate/gudiance value - amount shown at allotment letter.
Anirudh
(Expert) 13 December 2014
Dear Mr. Shailesh,
I think you have not taken into consideration the First proviso to Sec. 56(vii)(b)(ii).
Sailesh Kumar Shah
(Expert) 13 December 2014
Dear Mr. Anirudh
Thanks for correcting me.
Dear Mr. Yagnesh Dave
Please correct above:-
deemed income, if any= circle rate/guidance value at the date of allotment - amount shown at allotment letter.
