Real effect of 50 c

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koushik chakraborty (Querist)
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12 November 2014 we have a real estate company and sale some properties like flats in the financial year 2013-14 and also made sale deed from our govt sub registry office, but some of the cases the value of the govt in some flats were exceeds our actual sale rates, in case what we do? can we show our actual sale value to the income tax or we have to show the govt assessed value in our balance sheet.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2014 being a real estate company, the controlling section shall be 43CA instead of 50C.

however, you don't have to book sales at stamp duty value. in the books you shall book the actual sales only.

the stamp duty value shall be used for computation of tax liability.