Ans. If an individual receives an immovable property and Stamp duty value of such property exceeds actual consideration by higher of Rs.50,000/- and 5% of the actual consideration, then the excess of Stamp duty value over the purchase price shall be charged to tax under the head ‘Income from Other Sources’.
In the present case, Stamp duty value exceeds the actual consideration by Rs.1,80,000/- which is higher than Rs. 50,000/- and 5% of the actual consideration of Rs. 25,20,000/- i.e. Rs. 1,26,000/-. Accordingly, the difference of Rs. 1,80,000/- (Rs. 27,00,000/- less Rs. 25,20,000/-) shall be treated as income of NRI.