CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
13 January 2013As per sec 50C full value of consideration is
Actual sale consideration or value adopted as per stamp duty which ever is higher.
If any one sold property for 200000 but value assessed for payment of stamp duty as per government valuation is150000 : As per sec 50C full value of consideration is 200000 . is it acceptable? if deed is registered for 150000 only.
Jairam J
(CA, B.COM(Hons.))
(382 Points)
Replied 13 January 2013
Correct provision is Where Actual Consideration recd is less than stamp duty value then stamp duty value will be taken as deemed consideration...
In the above example: Consideration should be 200000
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 13 January 2013
In case if actual amount is more than stamp valuation by stamp authority then sec 50C says that Stamp value has to be ignored and actual amount is to be taken as Full vaule of consideration.
In above eg. take Full Value of consideration as rs2,00,000.
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 13 January 2013
"if deed is registered for 150000 only"
.
This can happen when the amount or consideration of the property written in the deed is Rs. 150000/-.
.
If you want to Show 150000/- as sales Consideration:
In such a case, Rs.50000/- has to be shown as repaid or refunded -in case by mistake Rs. 200000/- cheque has been accepted from the party.
.
If you want to Show 200000/- as sales Consideration:
HAVE AN EXPLANATION BEFOREHAND FOR THE EXTRA RS. 50000.
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