Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

Chapter No. 02 - Other Sources - Gifts received by Individual & HUF - [Sec. 56(2)(vii)]

If X purchases on 31^st March, 2013

Nothing shall be taxable in the hands of X under the head “Income from other sources”, even if purchase price is lesser than the stamp duty value.

If X purchases on 1^st April, 2013

The amended provisions would be applicable and the difference between the purchase price and stamp duty value (i.e. 17,00,000) will be taxable in the hands of X for the AY 2014-15. 

Dated: 19-8-2015