My client purchases a plot in a housing development society and at the time of registry the sale value is less than the government value. What will be the implication on purchaser (my client) in view of sec 56(2)(viib)? Please throw light on other provisions too? Main objective of abovementioned society is to provide accomdation to its members. Therefore the government value is 600000 but the sale value by the society is Rs. 85000+ stamp duty on 6 lacs. Now if the society covered under 10(23C) den sec 56(2)(viib) will not applu but if not covered then what will be the implications on purchaser?
your client will have to include difference between Stamp Value and Purchase value as income from other sources in its ITR
But if the society is registered under 10(23C) then what will be the implications? I have the PAN (AAATT4084F) of the society but how to check whether they are registered or not? If the purchaser is member of society then??