Karan (Employee) (77 Points)
14 October 2014Hello,
This is the question regarding applicability of sec 43CA
Token amount received in cheque on 1-5-2012 - Rs 100000/-
Date of Agreement - 01/07/2012,
Agreement Amount - Rs 1800000/-
Stamp Duty Value as on Agreement Date - Rs 2100000/-
Date of Registration - 01-07-2013
Stamp Duty Value as on Registration Date - Rs 2450000/-
Please suggest on applicability of Sec 43 CA
All your efforts are appreciated
Thank you
Sumeet Lunkar
(CA)
(48 Points)
Replied 15 October 2014
Section 43CA is applicable in case of transfer of asset (land or building or both) other than Capital Asset defined u/s 2(14).
Assuming in your case the land has been sold, which is not considered as capital asset. Section 43CA says that the value on whch stamp duty is paid will be deemed value of consideration if sale consideration is less than the Stamp duty value
In your case since on the date of registration the stamp duty value is 24.50L the same shall be considered as deemed value of such asset
CAclubindia
