Answers On Topic: purchase of property
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.
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How can a buyer ascertain whether a seller is having tax dues ? what is the liability of a buyer who has bought property from a seller having tax dues ?
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purchase of property below SDV