Income tax-income from other sources-flat purchased

ashis talukder (Querist) 08 February 2016 This query is : Resolved
"A" - a salaried person having net Taxable Income Rs.4,25,000/- p.a. purchased a flat in Kolkata for Rs.12,00,000/- (original transaction value) on April 2015, but stamp duty was paid on Govt.Value of Rs.20,00,000/- at d time of Registration (i.e. April 2015), agreement was made before 3 yrs. Would u plz guide is there is any Tax liability?How much?What will b d procedure?Is d new sec 56(2)(vii)-INCOME FROM OTHER SOURCES is applicable? Thnx. Regds.Ashis.

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Kappil Cchandna (Expert) 08 February 2016
Sir,

Call CA Karan Chandna and discuss regarding the same.

CA Karan 9871563826

Anirudh (Expert) 08 February 2016
Dear Kapil Chandna,

If you know the answer, better say it here. Otherwise do not direct the querist to any other professional. That is not expected in this LCI Website.

Please stop such practice at least in future.

Anirudh (Expert) 08 February 2016
Dear Talukder,

In the following link

http://www.lawyersclubindia.com/experts/Sec-56-2-vii-purchased-a-flat-583186.asp#.VrhnvVh97IV

you did not indicate that the Agreement was entered into 3 years back. It is also not clear whether any payment was made by the buyer to the seller by cash?