Dear Client,
Before answering your query I 'd liketo know some informationfrom you. How didyou acquire the flat? was i by way ofgift deed registered. Was the value of the considertiuon was less than its stmp duty value? If you clear THESE DOUBT I'd BETTER ABLE TO APPRECIATE YOUR .CASE AND GIVE YOU CORRECT REPLY..1)Your liability startsfrom 1/04/22014 , th epreviou s year..
LET Us BRIEFLY GO THROUGH THE PROVISIONS OF SECTION 56(2)(VII) OF it aCT 1961:
Finance Act, 2013 has substituted clause (b) of section 56(2)(vii) w.e.f. 1.4.2014 providing, inter alia, that where an individual or Hindu Undivided Family receives, in any previous year, from any person or persons any immovable property-
(i) Without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(ii) For a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration
2)2) According to Letter of Allotment dt. 15-09-2009, the difference of booked value to Ready Reckoner Value of 2009 is Rs. 5.50 Lacs.
3)You pay revised rates of IT from 2014-15
4)You add above difference of Rs.5.5 lacs and pay tax at ordinary RATES.
5)YOU ADD INTEEST TILL DATE AT NORMAL RATE OF 1.25% IFROM BOOKING DATE INSTEAD OF EENHANCED RATE.because already you pid tax on actual stamp duty value hich is more than slae consideration, Please read this discusion in thisconnecion.
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It means that in case the buyer of the property has acquired the property as capital asset, the legislature has prescribed the provision for cost step-up available to the buyer/ transferee for the purpose of calculating capital gain at a later date when such property is sold / transferred by such person. Provision such as sub-section (4) to section 49 would mean that cost step-up shall be available to the person only for the purpose of calculating capital gain when such property is transferred at a later date as capital asset. Since provision of section 49(4) cannot be extended to section 32, assessee cannot account for such asset at higher value in the books of accounts and cannot claim depreciation on the enhanced value of the asset.
