Tax Planning :How to Prevent Addition to Income Sec. 56(2)?

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tax planningTax planning for property transaction is the need of hour, because Finance Act 2013 has brought in amendments effective from assessment year beginning 01/04/2014 ( 01/04/2013 of FY 2013-14)  by which it has now been provided that if the stamp duty valuation by the state authorities is  more than the buying price of a land or building as per purchase agreement , amendment to section 56(2) provides that the difference in the stamp duty valuation and the purchase price will be added to the total income of the buyer of the house  u/s 56(2)(vii) as “income from other source”.

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