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Question ID : 35831

SEC 56 INFORMATION REQUIRED TO BE FILLED IN INCOME TAX RETURN FORM

As per this year income tax return forms the difference between the circle rate and purchase rate has to be shown as income from other sources in return form. Does this mean that we have to pay tax on it compulsorily even if we have disputed the circle rate before the stamp duty authorities and in our opinion purchase rate is in fact less than the circle rate and we can successfully prove it before I T authorities? thx

Posted by MAHESH KUMAR on Oct 05, 2018

Filed Under MISC.