| Question And Answer | |
|---|---|
| Subject: | purchase of property below SDV |
| Category: | Income-Tax |
| Querist: | seetharaman |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | purchase of property, stamp valuation |
| Date: | May 7, 2023 |
Respected team,
An assessee purchased a property in 2020 for a value much below the stamp duty value of the document and the value exceeds the limit prescribed under 56(2)(xb). Department issued notice for invoking provisions of sec 56(2)(xb) of the Act,
what is the recourse available to the purchaser of property.
With the limited facts provided. It appears that the issue squarely fall within the ambit of section 56(2)(x) of the Act. You may analyse the provisos to section 56(2)(x)(b) of the Act, if they are helpful. The assessee may get the valuation report from the Registered valuer and produce the said valuation report before the Assessing Officer. The assessee may also request the Assessing Officer to refer the matter to the Valuation Officer.