Answers On Topic: Agreement to sale
Whether provisions of Sec. Sec. 56(2)(vii) (b) are applicable for Registered Agreement to sale between the land owner and developer. Since the word used in section are " property means the following capital asset of the assessee namely :- immovable property being land or building or both......... Can assessee context the issue on the ground that by executing agreement to sale , assessee has got the rights in property but not the immovable property by drawing the inference from various decisions in the context of 50C, where in it is held that the provisions of Sec. 50C are not applicable…
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The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. The assessee had filed his return of income for A.Y. 2016-17 on 01.02.2017 disclosing total income at Rs. Nil. During the year under review appellant had entered into Sathekhat with land owner for purchase of land for a consideration of Rs.. 1,85,00,000/-. Appellant have paid Rs. 1.00 crores against the said “Sathekhat” and balance amount of Rs. 85.00 lakhs to…
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Sec. 56(2)(viib)