Abhishek Agrawal (PROPRIETOR) (76 Points)
29 May 2012Dear All,
My friend diverted their rural agriculture land & developed colony iinto plots & sales them as business asset. my friend also sold the plot less than stamp valuation.
1) Whether Sec. 50C will be applicable ?
2) whether sec 56(2) will be applicable on the buyer & whether they have to pay tax on difference between amount of stamp duty valuation & actual purchase price paid by them.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 29 May 2012
Yes i think Sec 50C will be applicable
A.K.Agrawal
(Investments & Finance)
(132 Points)
Replied 30 May 2012
In case, property is booked on installments, & cricle rate is increased by the time of registration, resulting actual payment is previously booked at a much lesser value than that of the present increased circle rate, then------
whether above sec. will apply ?
CAclubindia
