Sec 56 income tax act

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....ec 56 income tax act<br> Query (Issue) Started By: - saif Akhtar Dated:- 20-2-2019 Income Tax<br>Income Tax<br>Respected sir/madam I intend to purchase 1/3rd portion of a 9 cottah plot of land and bu....

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....ilding( 50 year old structure built on 2 floors and fully tenanted) in burrabazar Kolkata for a consideration of RS 25 lacs.However the market value of the land & building as per sub registrar for pay....

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....ment of stamp duty is being value at 1crore 60 lacs for 1/3rd portion.The stamp duty for registration in Kolkata is about 8.5 % of market value as per sub registrar&#39;s office and it will be around ....

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....13.5 lacs.I do know when stamp value of the property>fair market value we can refer to a valuation officer for the purpose of paying income tax under sec 56 of the income tax act but my query is if th....

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....e same valuation officer can be used for challenging the market value fixed by sub registrar for payment of stamp duty and registration charges.Lawyers say that valuations in sub registrar&#39;s offic....

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....e is done through a computerised format and market value cannot be challenged. Thanking You in Anticipation Saif Akhtar<br> Discussion Forum - Knowledge Sharing ....