24 May 2011
Hello ! u/s 50c full value of consideration is taken as value adopted by thestamp duty authouity of state govt for the purpose of stamp duty payment. Here Assesee has an option to to challenge the valuation adopted as he may think tht its higher thn fair market value. My q isif transfer takes plac n wer asessee has already sold d land thn whthr this right of challenging b4 Stamp duty authorites is available to him b4 filling ITR
24 May 2011
the question of "think" does not match the incometax act/rules.
The assesee has to establish that the value he received is genuine/ the documents has not been made as per stamp duty paid/ the documents consists the valuation as per the assesee records and are not in accordance with "additional stamp duty" borne by buyer.
24 May 2011
if transfer takes plac n wer asessee has already sold d land thn whthr this right of challenging b4 Stamp duty authorites is available to him b4 filling ITR?? ur comments r nt given me my answer in yes or no and y?
24 May 2011
1) check the valuation in registration deed, is it as per your records?
2) any additional sum paid by buyer, towards "additional stamp duty imposed by registrar" does not change the principal of agreement and registration instrument.
3) you can challange your ITO for such valuation taken, in such case a "valuer" will be deputed by department, and you have to admit his reports.
24 May 2011
I want to challenge the valuation done by stamp valuation authorities n not aginst ITO.
Their valuation exceeds FAIR MARKET VALUE as on date of sale.I want to challnge that but the problem is assetis already trf on 30/3/2011 so on n b4 31/7/2011 can i challenge? wat will be d consequences if valuei.e FMV comes out less thn whic actual stmp duty has neen paid....since at prsnt i need to tak tht val (original)for computaion of LTCG????/wat r ur views?
24 May 2011
If you want to challenge the valuation taken by the stamp duty officer, in my view, you can challenge the same by appealing to the jurisdictional authority for that purpose.
In case the reduced valuation, stamp duty should have been refunded.
26 May 2011
The stamp duty has to be paid on the actual consideration recived or the valuation arrived at as per effective DM circle rates, whichever is higher. It seems in your case The Registrar has done valuation as per DM circle rates. Please check the basis of valuation first.
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