Sec 56 income tax act

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..... Sec 56 income tax act
Query (Issue) Started By: - saif Akhtar Dated:- 20-2-2019 Income Tax
Income Tax
Respected sir/madam I intend to purchase 1/3rd portion of a 9 cottah plot of land and b .....

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..... uilding( 50 year old structure built on 2 floors and fully tenanted) in burrabazar Kolkata for a consideration of RS 25 lacs.However the market value of the land & building as per sub registrar for pa .....

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..... yment of stamp duty is being value at 1crore 60 lacs for 1/3rd portion.The stamp duty for registration in Kolkata is about 8.5 % of market value as per sub registrar's office and it will be around .....

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..... 13.5 lacs.I do know when stamp value of the property>fair market value we can refer to a valuation officer for the purpose of paying income tax under sec 56 of the income tax act but my query is if t .....

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..... he same valuation officer can be used for challenging the market value fixed by sub registrar for payment of stamp duty and registration charges.Lawyers say that valuations in sub registrar's offi .....

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..... ce is done through a computerised format and market value cannot be challenged. Thanking You in Anticipation Saif Akhtar
Discussion Forum - Knowledge Sharing .....

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