06 June 2011
i hv purchased a land last yr for Rs 1/-, now i m selling it for Rs4/- after 14months, but circle rate prevailing is Rs 5/- but due to lack of buyer i am getting only Rs4/- i m ready to pay complete duty at rs5/- but is there any income tax ruling or notification or case law which can be a help in this case as we have got consideration less than circle rate prevailing in the market!!
waiting for positive response asap!! thanks in advance!
06 June 2011
U CAN MAKE A CLAIM UNDER SECTION 50C(2) BEFORE AO THAT THE ACTUAL VALUE IS LESS THAN CIRCLE RATE IN THAT CASE HE WILL MAKE A REFERENCE TO DVO WHO WILL VALUE THE LAND AND IF VALUE COMES TO LESS THAN THE CICLE RATE THAN THAT RATE WILL BE ADOPTED
CAclubindia
