Section 56(2)(x) of the Income Tax Act: The Hidden Tax on Cheap Property Deals
Recently, many taxpayers have received notices from the Income Tax Department under Section 56(2)(x) of the Income Tax Act. Why? Because they bought property at a price lower than the stamp duty value (SDV) — often with genuine reasons. Maybe the seller was in distress.Maybe the market price didn’t match the stamp authority’s “optimism.”Maybe there … Read more