19 August 2010
the actual consideration is less than fair market value no other proof found for higher value payment except stamp duty valuation. the question is whether capital gain to be taxed on actual consideration or Fair market value. is there any legal decision in favor of assessee.. i.e. the consideration for ex. decided to be 5000 but v got 3000 and no chances of receiving other part den is der ne case law?..
19 August 2010
No way out in your case. Section 50C will be applicable and the stamp duty valuation will be adopted as sales consideration for the purpose of calculating capital gain.
But if you believe that the stamp valuation duty is in excess of fair market value you can object to it before the A.O., in which case the valuation may be reffered to the valuation officer by the A.O.
If the valuation officer reports F.M.V below the stamp duty valuation then the value so reported will be accepted otherwise the stamp valuation duty will be accepted as sales consideration.
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