Stamp valuation u/s 50c
This query is : Resolved
10 September 2014
Hi,
suppose the Assessee has transferred land and building and he claims he transferred it for 25 lacs, but in opinion of stamp valuation Authority it is 28 lacs, it is then disputed and the matter is then referred to a valuation officer who determines the value as 23 lacs, what should be taken as the consideration for transfer in this case?
10 September 2014
25 lacs should be taken.
10 September 2014
when its disputed and the value is finally decided less then actual value transferred then final value is the actual value to be taken i.e 25 laks
10 September 2014
if the value adopted by stamp valuation authority is challenged by the assessee, the AO will refer the matter to valuation officer.sec 50 (c) 2
if the valuation by valuation officer is exceeds than the stamp authority valuation than stamp valuation is to be taken as full value of consideration .sec 50 (c)3
in your case as the valuation officer value is 23 lac, less than stamp value of rs 28 lacs. hence actual consideration recd will be full value , hence rs 25 lacs will be taken as consideration.
if the valuation by valuation officer is exceeds than the stamp authority valuation than stamp valuation is to be taken as full value of consideration .sec 50 (c)3
in your case as the valuation officer value is 23 lac, less than stamp value of rs 28 lacs. hence actual consideration recd will be full value , hence rs 25 lacs will be taken as consideration.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Refund of AY 22-23
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
