My dear friends, we were discussing about how to charge tax
on immovable property if you give a gift to someone.
In immovable property, we read that if you get any property
without giving any money and if the stamp duty value of
that property was more than Rs.
50,000 and you did not give any money to take that gift,
then it will be considered as a fraud and you will have to
pay income tax on that property.
The second concept is that if you are buying an immovable
property with consideration, then it will be considered as
a fraud.
Friends, sometimes the government keeps in mind the people
who are committing tax thefts.
But sometimes they say that sometimes such provisions are
made that even a decent person gets into trouble with them.
So, these provisions were made for such people.
For example, let me explain you a case.
You went to buy a property and the stamp duty value of that
property was 1 crore rupees.
You were an expert in negotiation and you bought a property
worth 1 crore rupees for Rs. 95 lakhs.
You got a discount from that person and said that this
property is worth 1 crore rupees and I will get you the
payment within half an hour.
So, you will get a discount of Rs. 95 lakhs.
Now, try to understand this case.
The case is that the stamp duty value of the property worth
1 crore rupees was 1 crore rupees.
You got the property worth 1 crore rupees fixed and said
that I will give you Rs. 95 lakhs for this property.
Now, did you exceed the limit of Rs.
Because the limit of Rs. 50,000 was running in cash,
movable property and immovable property.
In the case of immovable property, the fair market value
was minus consideration.
And if the difference was more than Rs. 50,000, then you
would have to pay tax on that difference.
Same concept here.
What is the difference between the stamp duty value and its
consideration?
Rs. 5 lakhs.
Is he exceeding the limit of Rs.
Say yes, he is exceeding the limit of Rs. 50,000.
So, what will happen in this case?
The difference of Rs. 5 lakhs will be paid by the person on
tax.
Basically, he sold the property worth Rs. 95 lakhs and
received Rs. 95 lakhs.