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Apartment of co-operative housing society

Querist : Anonymous (Querist) 07 July 2022 This query is : Resolved 
I am a member of a Co-operative Housing Society in West Bengal. I paid to the Society in instalments, the proportionate cost of land and cost of construction of the building during construction of the building. After completion of construction, the Society transferred the ownership of my apartment to me by a deed of conveyance. The stamp duty value of the apartment is the circle rate, which is higher than the construction cost paid by me to the Society.
My question is whether Income tax act section 56 (2) (X) (b) will be applicable for the transfer of ownership of the apartment by the Society to me?
Dr J C Vashista (Expert) 08 July 2022
It should not attract I T Act.
It is better to consult your Chartered Accountant as it is not a legal query.
kavksatyanarayana (Expert) 08 July 2022
Yes. I agree with the above senior expert advice.

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