Question And Answer
Subject: purchase of sali land below stamp value
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Date: July 30, 2022

is it taxable if purchase of sali land is below the stamp value u/s 56(2)x

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Agricultural land is not a capital asset. However, section 56 (2)(x) of the Income-tax Act, 1961 refers to any immovable property. Therefore, purchase of agricultural land below stamp duty may attract section 56(2)(x) of the Act in the hands of the buyer but will not attract section 50C of the Act in the hands of the seller.

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