TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 56: Stamp Duty Value Considered for Tax When Property Transferred Below Market Rate or Without Payment</h1> Section 56 of the Income-tax Act was amended by the Finance Act, 2013, effective April 1, 2014. The amendment revises clause (vii), sub-clause (b), concerning the taxation of immovable property. It specifies that if the stamp duty value of an immovable property exceeds fifty thousand rupees and is transferred without consideration, or if the consideration is less than the stamp duty value by over fifty thousand rupees, the stamp duty value will be considered for tax purposes. An agreement's stamp duty value may be used if the consideration was paid by non-cash methods before the agreement date. Additionally, a terminology change was made in clause (viib).
TaxTMI 
TaxTMI 
