Kindly help me to understand the tax implications regarding the mentioned case:
Mr X has acquired a seized flat through e-auction from a Bank. NPA The fair market value or stamp duty valauation is Rs 80 Lakhs but during e-auction he purchased it for Rs 45 Lakhs.
Will the Corporation attract Stamp Duty on FMV or purchased price? The purchaser is liable to pay stamp duty for transfer of property.
Since the deed must mention the higher of Circle Rate and Purchase Price in Sale Deed on which rate of Stamp Duty is charged, how are these different rules harmonised in this case?
Since Mr X might sell this flat in future what amount should be taken as cost of purchase to calculate Capital Gain?
What are the rules for NPA acquired through Bank which by its nature will dispose off assets for far less than fair market value.
Kindly clarify and thank you.