50c notice regarding purchase of immovable property
This query is : Resolved
vinod kumawat
(Querist)
23 August 2016
i have query regarding to 50c. In this notice show purchase value 400000 and according to 50c 901120
difference between stamp duty on fair market value and purchase value is 501120(901120-400000)
but in this case land is agriculture so pls suggest me valuable advise and also send me format of letter reply mail id vinodkumawat44@gmail.com
difference between stamp duty on fair market value and purchase value is 501120(901120-400000)
but in this case land is agriculture so pls suggest me valuable advise and also send me format of letter reply mail id vinodkumawat44@gmail.com
Yogesh Agarwal
(Expert)
23 August 2016
Hi Vinod,
Your AO has sent you a wrong notice as in case of purchase of immovable property section 50C can not be applied. So need not to be worried. However, when your AO wakes up you may be in trouble as he may send notice to tax the difference u/s 56 if certain conditions are satisfied.
Your AO has sent you a wrong notice as in case of purchase of immovable property section 50C can not be applied. So need not to be worried. However, when your AO wakes up you may be in trouble as he may send notice to tax the difference u/s 56 if certain conditions are satisfied.
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vinod kumawat
(Querist)
24 August 2016
thanks for giving me valuable advise me but what i do. can i appear with AO with detail of girdhawari limit of agriculture land to Set aside notice
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