Tamil Nadu Property Valuation: DVO Must Consider 2017 Reduction in Circle Rates u/s 56(2)(vii)(b)(ii) of Income Tax Act.

Tamil Nadu Property Valuation: DVO Must Consider 2017 Reduction in Circle Rates u/s 56(2)(vii)(b)(ii) of Income Tax Act. https://www.taxtmi.com/highlights?id=66133 Addition u/s.56(2)(vii)(b)(ii) - difference between the value fixed by the stamp duty authorities and the sale consideration - Government of Tamil Nadu has reduced the circle rates of the property w.e.f.2017 - DVO should consider the subsequent downward revision of guideline value for the purpose of registration of properties i.e., the circle rate and give weightage to the same and then estimate the fair market value of the property.- AT en-us Wed, 19 Oct 2022 13:07:23 +0530 Wed, 19 Oct 2022 13:07:23 +0530 TaxTMI RSS Generator Tamil Nadu Property Valuation: DVO Must Consider 2017 Reduction in Circle Rates u/s 56(2)(vii)(b)(ii) of Income Tax Act. https://www.taxtmi.com/highlights?id=66133 Addition u/s.56(2)(vii)(b)(ii) - difference between the value fixed by the stamp duty authorities and the sale consideration - Government of Tamil Nadu has reduced the circle rates of the property w.e.f.2017 - DVO should consider the subsequent downward revision of guideline value for the purpose of registration of properties i.e., the circle rate and give weightage to the same and then estimate the fair market value of the property.- AT Highlights Income Tax Wed, 19 Oct 2022 13:07:23 +0530 https://www.taxtmi.com/highlights?id=66133