50c

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2014 property purchased in 2001 rs. 915000

property sold in 2007 rs 25,00,000/-
(as per sale deed rs. 25,00,000/- but actual sale for rs. 3,20,00,000/-)

case is in scrutiny,
A.O. told us paid tax on 3,20,00,000/- less indexed cost of rs. 915000/-

what is the remedy available to save tax?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 January 2014 First of all how value of Rs. 3,20,00,000/- determined. In case it is stamp duty value then dispute the valuation and refer the case to valuation cell.

CA Hardik Bunha

CA Hardik Bunha (Expert)
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28 January 2014 Total rs 3,20,00,000/- received for sale but sale deed made only for 25,00,000/-

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CA Hardik Bunha

CA Hardik Bunha (Expert)
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28 January 2014 But if valuation is preffered then if valuation value is lower than stamp duty value then stamp duty value will be considered

CA Hardik Bunha

CA Hardik Bunha (Expert)
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28 January 2014 But if valuation is preffered then if valuation value is lower than stamp duty value then stamp duty value will be considered

AVTAR SINGH

AVTAR SINGH (Expert)
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29 January 2014 Where is the evidence of Rs,320,00,000

CA Hardik Bunha

CA Hardik Bunha (Expert)
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29 January 2014 Rs 3,20,00,000 is a stamp authority valuation.

AVTAR SINGH

AVTAR SINGH (Expert)
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29 January 2014 u/s 50C the stamp duty valuation (if more than sale price) will be considered for computing capital gain. You cant take lower valuation/cost. The only option with you is to claim before the AO that the stamp duty value is more than the fair market value as on date of transfer. Then he may refer it to Valuation Officer. And if the fair market value determined by the Valuation Officer is lower than the stamp duty value, the AO may take such FMV.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2014 what is the remedy available for additional tax assessed by AO?