24 February 2014
sir, my sir asked a question that:- ek registry hui h jiska transaction price: 400000/- h, market value:1500000/- stamp duty and other exp.incl. reseipt:-103000/- date:-10/07/2013.this information is full as per sir said. Now question is,this transaction affect which sec. of which Act? what is the tax liability in this case? & how to reduce tax liability?
05 March 2014
1. Section 50C of the Income Tax Act is attracted in this case. Section 50C provides that where the transaction value is LESS than the stamp duty value, the stamp duty value shall be treated as the sale consideration.
2. Computation of Capital Gain
Sale Consideration 15,00,000 Less: Expenses 1,03,000 Less: Cost of acquisition
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