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Query on Section 56(2)(viib) of income tax act

Income Tax - Started By: - mayank bohra - Dated:- 5-10-2016 Last Replied Date:- 9-10-2016 - Hello, My client is an INDIVIDUAL purchased a commercial property in the FY 15-16 for which the consideration was paid in CASH and agreement done on 27.5.15. .....

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client don't mind treating difference as income as per section 56(2)(viib) and pay taxes however here is a catch. The stamp duty value as taken in agreement (on which stamp duty is paid) is just double the actual circle rate. We don't know h .....

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ed from income tax point of view. Option A) don't disclose difference as deemed income u/s 56(2)(viib) while filing return of income. If thats the case whether in assessment if the differrence is treated as income, whether cost of acquisition of .....

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the differnece between the ACTUAL circle rate (substantiated by valuation certificate from local assessor) and consideration paid as income, than the case will for sure be selected for assessment. In such case what are the chances that the no further .....

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d. Thanking you all in advance. Regards - Reply By Ganeshan Kalyani - The Reply = Dear Mayank ji, Pls go through the provision mentioned by you. Reproducing the extract of the explanation to that section as below:Provided further that the said provis .....

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e states that the provison is applicable only if consideration is paid by other than cash mode. Whereas in your query it is mentioned that consideration is in cash. Have a re-look into the said section. - Reply By mayank bohra - The Reply = Dear Gane .....

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