Capital gain query
Neeta Parwani (Auditor) (46 Points)
07 January 2017Neeta Parwani (Auditor) (46 Points)
07 January 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185376 Points)
Replied 07 January 2017
Based on Court judgement, as a special case, Rs. 5 lakhs can be taken as actual settlement value. In case of query, the copy of the court judgement can be submitted for clarification.
Neeta Parwani
(Auditor)
(46 Points)
Replied 07 January 2017
Sir in case there was not court issues, then in such case section 50C will be applicable? (i.e. deemed value of consideration will be taken for calculation?)
Also can you quote me the case law?
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 07 January 2017
Yes, if there was no court issue then sec 50(c) is applicable and stamp value of that property on the date of transfer will be taken as sale consideration.For more details you can refer the following case
https://indiankanoon.org/doc/118506233/
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185376 Points)
Replied 07 January 2017
Mr. Saurabh Kumar is correct.
Some similar case laws: 1. 2013-TIOL-704-HC-ALL-IT
2. https://indiankanoon.org/doc/119384518/
Even when its not a distress sale for litigation, sec 50(C) cannot be invoked for the tenanted or leasehold properties.
1. https://indiankanoon.org/doc/114825552/
2. https://indiankanoon.org/doc/62638687/
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)