23 May 2015
Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of land or building or both. For example if in the agreement for sale, the value of the flat is stated at Rs. 24 lacs but according to the stamp duty authorities the valuation of the flat is Rs. 34 lacs, then it will be considered that the flat has been sold for Rs. 34 lacs and capital gains will be computed on the basis of Rs. 34 lacs.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 May 2015
thank you sir, but my question is i already adopted Stamp Duty value , in my case i bought flat on 1/4/14 and that flat m sold in 1/8/14 , there fore the gain arising out of that is short term capital gain, will it be applicable in 50C. no where in act specify the short term or long term