{"id":29809,"date":"2022-09-17T08:10:07","date_gmt":"2022-09-17T02:40:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&p=29809"},"modified":"2022-09-20T15:26:15","modified_gmt":"2022-09-20T09:56:15","slug":"section-562xb","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/section-562xb\/","title":{"rendered":"section 56(2)(X)(b)"},"content":{"rendered":"

Mr. G booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total consideration to be paid for the flat was Rs.30 Lacs.<\/em><\/p>\n

The builder issued \u2018Earnest Money Receipt\u2019 for the same in FY 2010-11. Unregistered agreement was also entered into by the builder and Mr. G in F.Y. 2010-11.<\/em><\/p>\n

In F.Y. 2010-2011Mr. H real brother of Mr. G also transferred some amount from his bank account to Mr. G bank account \u00a0for making the payment to the builder.<\/em><\/p>\n

Subsequently sum of the installments were paid from joint account of Mr. G and Mr. H.<\/em><\/p>\n

In the agreement for sale executed before the sub registrar on payment of stamp duty of registration the name of Mr. G & Mr. H as the allottees\/purchasers are mentioned. <\/em><\/p>\n

The value taken by registrar for stamp duty is Rs.45Lacs in the yaer 2019.<\/em><\/p>\n

The guideline value of the said flat in the year of booking i.e. F.Y. 2010-11 was less than Rs. 30 Lacs.<\/em><\/p>\n

In limited scrutiny in the case of G & H for investment in immovable property after considering the above details & documents the AO of Mr. G accepted the returned income u\/s 143(3).<\/em><\/p>\n

In the case of Mr. H on the basis of same information the AO has issued a show cause notice for proposed variation proposing to tax 50% of difference between 45Lacs and 30 Lacs i.e. Rs.7.5 Lacs as income from other sources.<\/em><\/p>\n

On the following issues:<\/em><\/p>\n

    \n
  1. No agreement by Mr. H with builder in FY 2010-11.<\/li>\n
  2. No payment to builder by Mr. H in FY 2010-11 directly from his bank account.<\/li>\n<\/ol>\n

    \u00a0<\/em><\/p>\n

    \u00a0<\/em><\/p>\n

    \u00a0<\/em><\/p>\n

    QUERY:<\/em><\/p>\n

      \n
    1. Whether different treatment be given to Mr. H regarding the aforesaid addition when in the case of Mr. G (the co-owner in the same property ) returned income has already been accepted ?<\/em><\/li>\n
    2. Whether in sec. 56(2)(x)(b) proviso 1&2 is qua all the co-purchasers or qua immovable property.<\/em><\/li>\n<\/ol>\n

      Please give detailed reply along with case laws and oblige.<\/em><\/p>\n

      Thanks and Regards<\/em><\/p>\n

      Tax Professional<\/em><\/p>\n

      Ankur Agrawal<\/em><\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[699,125,695],"class_list":["post-29809","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-booking-of-flat","qa_tag-income-from-other-sources","qa_tag-section-562xb"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/29809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29809"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29809"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=29809"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=29809"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=29809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}