What is the composition tax rate
I purchased a property worth Rs.75 lacs,whose valuation is Rs.82lacs. I paid stamp duty on Rs.82Lacs.Can A.O add the difference Of Rs.5lacs in my Income U/S 56(2) of I Tax Act 1961.
Sir, in F. Y. 2016-17 , I received Rs. 1 lakh from LIC as survival benefit in one of my LIC policy. I have paid total Rs. 2,57,000/- as premium for last 4 financial years, under this policy. I understand that there is no profit , so I do not have to pay any tax on this Rs. 1 lakh. It is just a return of capital. Sir, Kindly confirm whether my understanding is correct ?