Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

urgent help on sec 50C ?????

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)

30 May 2011

One of our client has sold urban agricultural land in march11.
The buyer had challenged the stamp valuation done by stamp valuation authority which they reduced by 20% since he paid all d stamp duty on it.
My querry is whther seller (our client) can also challenge d same stamp valuation deptfor reduction of stamp valuation under sec 50C,
as for income tax purpose, as its actual sale value is less than d stamp value adopted by stamp valuation even after reducing by the buyer for the purpose of payment of stamp duty.
since we need to tak this notional value as FULL VALUE OF CONSIDERTAION .
ur comments would be of immense help
Thanks in advance.

Reply
Follow
Share

3 Replies

Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 30 May 2011

In my opinion.........!!!!!!!!!!!!!!!!

As per sec 50C(2) you may claim before AO in only that case where the Value adopted by Stamp valuation authority eceeds the fair market value of the Property as on the date of transfer and then AO as per sec 55A may refer Valuation officer...And if the value determined by valuation officer is LESS than value adopted for Stamp duty purpose then AO may take such fair value .......However if value determined by Valuation officer is MORE than value adopted by stamp authority would be taken by AO..........!!!!!

In your case the value has been Reduced by Stamp authority And therefore you can not Benifited from that sec ..!!!!!!!!

Upgrade to CAclubindia Pro. Subscribe Now!

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 30 May 2011

But d buyer has never challenged d value under sec 5oC(2).

Here Assessee is the seller.N they have not used their right as mentioned under sec 50C (2).

Buyer has appealed for the purpose of payment of less Stamp duty.

Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 31 May 2011

What you had understoon .i don't no..........!!!!!!!!!!!

I am telling about your client(Seller) jee..!!!!!!!!!!!!!

Your client can not be benifited as you are telling that "The buyer had challenged the stamp valuation done by stamp valuation authority which they reduced by 20% since he paid all d stamp duty on it."

Further more i am of opinion that you should contact to CCI expert in this regard..!!!!!!!!!!!!!!! OK.........!!!!!!!

1 Like