Question ID : 36916

Sec 56(2)(VII) gift of rural agriculture land

A sold his rural agricultural land to B for Rs 45 lacs the circle rate of the land is 65 lacs A & B are not "relative" to each other the question is whether Difference of Rs 20 Lacs ( Circle Rate - Actual Consideration) will be taxed in the hand of B ? or the transaction will be out of purview of 56(2)(VII) as land in question is not a capital assets U/S 2(14) ?

posted by CA. SHARMA RAJESH CHANDRA on Dec 31 2018 12:00AM