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MER Question 2: Mr. Suraj, has purchases a Building for 5,00,000 in 1995 through agreement...

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MER Question 2: Mr. Suraj, has purchases a Building for 5,00,000 in 1995 through agreement to sale. The building was constructed without approval from Delhi Development Authority. Consequently, the properties are not registered by registrar. As a result of which even though Mr. Suraj has in possession of the property but he does not have legal ownership right. In order to regularise such unauthorised colony the Ministry of Housing and Urban Affairs has notified the regulation the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Regulations, 2019'. Accordingly, the stamp duty @ 19% is fixed on value of 20,00,000 for registration of such property. Mr. Suraj, has paid required stamp duty and get the legal right of such property on 15.3.2021. Determine taxability u/s. 56(2)(x) in the hands of Mr. Suraj on getting a right in an immovable property on 15.3.2021

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