Capital gain in value less than stamp duty value

Income Tax
1

Sir,
One person purchase of property in auction done by a bank at value rs:2 crores but the stamp duty value of which is rs:3 crores
Question:
Whether capital gain will be taxed on difference or is there any way out

2

Hello @Sundaraiah_Kollipara

As per Section 56(2)(x) of the Income Tax Act, 1961, if a person purchases a property for a consideration that is less than the stamp duty value by more than 10% of the consideration, the difference is treated as income from other sources and taxed in the hands of the buyer.
In the above case, the difference of ₹1 crore will be taxed as Income from other sources in the hands of the buyer.