Taxation

YAGNESH HASMUKH DAVE (Querist) 16 August 2014 This query is : Resolved
I HAVE PURCHASED SHOP FROM BUILDERS FOR SALE CONSIDERATION OF 3,00,0000/- ON 10.04.2013 AND REGISTERED THE AGREEMENT.

THE VALUE AS PER STAMDUTY REGISTRAR AND MARKET VALUE IS RS 57,00,000/- WHETHER INCOME TAX ACT 43CA IS APPLICABLE TO THIS AGREEMENT OR NOT AND IF APPLICABLE THEN FROM WHICH DATE PL EXPLAIN

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Anirudh (Expert) 16 August 2014
Yes, the provisions of Section 43CA would be very much applicable in your case as you have purchased the property on 10.4.2013.

Please note, that in case you had entered into an Agreement to Sell prior to 1.4.2013 and if you had paid at least some part of the consideration prior to 1.4.2014 by way of cheque, then Sec. 43CA will not be applicable.