Sec 56(2)(vii) purchased a flat

ashis talukder (Querist) 06 February 2016 This query is : Resolved
"A" salaried person from Kolkata,after all deduction net taxable income Rs.425000/-have purchased a flat on April 2015 for a transaction value of Rs.1200000/-(Reg.Value Rs.2000000/-on which stamp duty+fees paid),Plz guide whether "A"have to pay any tax?What to do/procedure to follow.Thnx.
Is there any effect of the above mentioned new section? & how much?

Follow Query

Report Abuse

Devajyoti Barman (Expert) 07 February 2016
Income tax query.
Consult a tax professional or you may post this query in caclubindia.com.

Anirudh (Expert) 07 February 2016
If the consideration for the purposes of stamp duty was Rs. 2 crore and if A had purchased the property by only paying Rs. 1.2 crores, naturally, he has got the property by paying Rs. 80 lakhs. This Rs. 80 lakhs will be treated as INCOME FROM OTHER SOURCES in the hands of Mr. A and he will be taxed accordingly.