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Q. > Please Help: INCOME TAX
One of my client having partnership firm want to purchase one immovable property in the name of firm. The market value/stamp duty value is Rs. 150.00 Lacs. But the actual purchase value is Rs. 35.00 lacs. I want to know that the difference amount is taxable as gift in the name of firm or not. Pls clarify.
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vinit kumar jain
10-Jun-2016 , 11:08:59 amThe same will be considered as income under the head income from other sources. 150-35=115 lakhs. At present there is not Gift Tax Act.