25 May 2011
Hello Experts! we hve sold(trf) a land on 30.3.2011 n since sec 50C is applicable d stamp duty value adopted by stamp valuation authority for the purposr of payment of stamp duty for tranfering the name in name of buyer, comes out to be 23,00,000. We d seller had challenged d abov valuation n appealed to stamp valuation authority tht this val is excess of its FMV .Finally d amt was declared to be19,00,000 by stamp valuation authority.
My Querry is since as per sec 50C The value adopted by stamp valuation authorty shall be d full value of consideration (deemed FVC) thn whthr i shld tak Rs23,00,000/-(original value) or19,00,000 (final value)vas FULL VALUE OF CONSIDERATION ???? PLS REPLY !! UR VIEWS WILL BE HIGHLY APPRECIATED! THNXX IN ADVANCE.
25 May 2011
But by going d literal wordings of sec 50 c d value adopted for purpose of stamp duty i.e Rs 23,00,000 in ma case shall be taken as full value of consideration??????? Bcoz its challenged only after paymentof stamp duty....thn hw can i tak rs 19,00,000 as FVC?/?/ Thnnxx fr ur reply....waiting fr further reply....
25 May 2011
In Section 50C(1), the word "assessed" has been inserted w.e.f. 1-10-2009 and the section reads as "value so adopted or assessed" shall be taken as full value of consideration. Rs 23.00 lac is "the value so adopted" but Rs 19.00 is the "value assessed" under the appeal.
stamp duty is already paid on 23,00,000 & the words used are stamp valuation adopted by stamp valuation authority for the purpose of payment of stamp duty shall be the full value of consideration for trf os such LT capital asset?? Rs 19,00,000 came after trf of asset in name of buyer. thn hw can i tak 19,00,000, Stamp duty is paid on 23,00,000?? pls reply sir
25 May 2011
"We d seller had challenged d abov valuation n appealed to stamp valuation authority tht this val is excess of its FMV .Finally d amt was declared to be19,00,000 by stamp valuation authority."
19.00 Lac is The amount declared by the SVA. Hence there is no problem in taking the amount. It will be accepted.
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