| Question And Answer | |
|---|---|
| Subject: | Section 56(2)(x) of the I.T Act |
| Category: | Income-Tax |
| Querist: | Pawan Kumar |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Allotment lettet, registration, section 56(2)(x) |
| Date: | August 20, 2022 |
One immovable property (flat)was purchased before 01/04/2017 for which all payments were made before 01/04/2017. allotment of the property as well as possession was given before 01/04/2017. However, due to some reasons the registration (purchase deed) was done after 01/04/2017.
As we all know that section 56(2)(x) of the I.T Act came into effect from 01/04/2017 my question is that will provisions of section 56(2)(x) of the I.T Act will be attracted in this case?
It is important to understand that prior to introduction of 56(2)(x) of the Income-tax Act, 1961 there was section 56(2)(vii) of the Act which covered the issue of variance in consideration for immovable property from the Stamp Duty value of the said property.
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