Applicability of Section 50C
This query is : Resolved
28 January 2011
Dear friends,
Please suggest me in the following:
one of my client was sold his land after getting clearance from Revenue Dept. in the year 2009-10 for sale consideration of Rs.10 lakhs where the stamp duty value is Rs.1 Crore.
however the land was under dispute with revenue department upto 31.03.2009. in 2008 he entered a formal agreement with Mr.X for sale the property by taking non refundable deposit of Rs.1 lakh by condition that if the dispute clears he should sold the property for the value of 10 lakh.
Whats my Question is whether we can take sale consideration for calculation of Capital gain purpose or else apply 50C.
Please suggest me in the following:
one of my client was sold his land after getting clearance from Revenue Dept. in the year 2009-10 for sale consideration of Rs.10 lakhs where the stamp duty value is Rs.1 Crore.
however the land was under dispute with revenue department upto 31.03.2009. in 2008 he entered a formal agreement with Mr.X for sale the property by taking non refundable deposit of Rs.1 lakh by condition that if the dispute clears he should sold the property for the value of 10 lakh.
Whats my Question is whether we can take sale consideration for calculation of Capital gain purpose or else apply 50C.
28 January 2011
Land yet to be sold, only reciving the deposit is not a sale. In case sale is completed for less than Rs. 1 crore ( as per stamp valuation authority). sale consideration will be RS. 1 crore ( sec 50C).
Guest
Guest
(Expert)
28 January 2011
However, in genuine cases, one can contest against the valuation u/s 50C following the lawful procedure.
29 January 2011
Dear CA Shailesh Kumar Bhagat &C A. K. C. MOONDRA
thanking you very much
it is a genuine case. if 50C applies he could pay the more then what is he receive.
is there any decided case law "if the property in dispute 50C not apply" ?
Dear CA Shailesh Kumar Bhagat &C A. K. C. MOONDRA
thanking you very much
it is a genuine case. if 50C applies he could pay the more then what is he receive.
is there any decided case law "if the property in dispute 50C not apply" ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
