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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. During filing of return of income for AY 16-17 (due on 17.10.2016), I have raised this point that stamp duty value of the agreement is more than actual consideration paid so difference needs to be considered as deemed income u.s 56(2)(viib). Here the .....

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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 the property will be revised to actual consideration paid plus difference on account of deemed income now assessed ? Also what will the accounting treatment of such deemed income in normal books of accounting and in which year? Option B) If we treat .....

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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 proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property;]The text in bold abov .....

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