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        Income Tax

        Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

        19 August, 2015

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        Chapter No. 02 - Other Sources - Gifts received by Individual & HUF - [Sec. 56(2)(vii)]

        If X purchases on 31st March, 2013

        Nothing shall be taxable in the hands of X under the head “Income from other sources”, even if purchase price is lesser than the stamp duty value.

        If X purchases on 1st April, 2013

        The amended provisions would be applicable and the difference between the purchase price and stamp duty value (i.e. 17,00,000) will be taxable in the hands of X for the AY 2014-15. 

        Gift taxation: stamp duty valuation excess over purchase price becomes taxable from the amendment's effective date under income rules. The amendment taxes, as Income from Other Sources, the difference between stamp duty value and actual purchase price where consideration is below stamp duty valuation, applying only from the amendment's effective date; transactions concluded prior to that date are not subject to this valuation-based charge.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Gift taxation: stamp duty valuation excess over purchase price becomes taxable from the amendment's effective date under income rules.

                              The amendment taxes, as Income from Other Sources, the difference between stamp duty value and actual purchase price where consideration is below stamp duty valuation, applying only from the amendment's effective date; transactions concluded prior to that date are not subject to this valuation-based charge.


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