Query regarding sale of land

Ankur

If  A.O. treats it as businsess income than section 50 C is not apply since upto A.Y. 2013-14.

However, in this budget  there is new section 43(CA) is introduced. As  per this section, the valution as per stamp duty authority will be apply eventhough land or buidling is stock in trade.

This is apply from A.Y,2014-15.

However, it A.O. in your case if he treats as capital gain on sale of lands than section 50 c apply and value as per stamp duty authority apply.

Ankur

As per section 43(CA) if the assessee take booking amount by way of cheque than eventhough conveyance deed made latter on than the value at the time of booking will apply not value at the time of  conveyance deed.

Thank you Sir for your reply,

It is very helpful for me.