Querry :if the flat value appreciate at the time of registration

Querry :
Dear Members,
Yesterday somebody told me that as per new budget if somebody booked his/her flat for Rs. 20lacs and due to appreciation in market value if his/her flat value came to Rs.30lacs at the time of registration then he/she has to pay stamp duty for Rs.30lacs and also pay long term capital gain tax on the difference figure of Rs.10lacs which will be treated as his/her notional income.
If somebody has any idea about all this then please help me, as the person also told me that it will came in effect from 1st October 2009.
Regards,Vishal Jain
Answer 1
Hi,
LTCG arises on transfer i.e. sale etc. and not on purchase.
As per newly amended provisions u/s 56(2)(VI) difference between registered value and declared purchase price will be treated as income from other sources.
Later on at the time of sale, the registered value will be treated as cost.
The provision is applicable for individuals and HUF.
ThxRajesh Kr, Agrawal, FCA
Answer 2
It is the receipt[ient who will be taxed
Rgds
CA SKChoudhary
Answer 3
YES YOU HAVE HEARD RIGHT. AS PER SECTION 56 NEWLY AMENDED, ANY PROERTY BOUGHT AT LESS THAN ITS REGISTRARE'S ASSESSABLE MAERKET VALUE, YOU HAVE TO T PAY TAX ON THE DIFFRENCE BETWEEN THE DDEED VALUE AND THE REGIASTRAR 'S ASSESSED VALUE FOR THR PURPOSE OF STAMP DUTY.
G L Singhal
Answer 4
Yes.As per the new provision of Finance Act 2009 Rs. 10 lacs will be treated as income from other sources. Suvanjan Ghosh
Answer 5
Dear Vishal ji,
Pl. go thru provisions of new insertion in sec 56 which will be applicable from 01.10.2008RgdsCA.Dinesh Agarwal33/1 N S Road, Kolkata-700001Landline:033 22102227Mobile : +91 97487 80534