About section 50c
This query is : Resolved
08 July 2012
My one client who is depended on his nephew. He does not have his own son so he live with his so called nephew. He is fully depend on his nephew. Now in previosu year he sold his plot to the said nephew in 20 lacs wherein as per DLC rates
the value so determined for valuation pupose is Rs. 41 Lacs so please tell me whether section 50C may be applied in thei case as in case of relatives and he is fully depend on his nephew becuase there is no one except to his nephew and he has adopted his nephew as his son.
the value so determined for valuation pupose is Rs. 41 Lacs so please tell me whether section 50C may be applied in thei case as in case of relatives and he is fully depend on his nephew becuase there is no one except to his nephew and he has adopted his nephew as his son.
08 July 2012
Section 50C will apply as the assessee is receiving certain consideration on transfer.
Had he gifted the property outrightly to his
nephew (son), he would not have to face implications of Section 50C.
.
Had he gifted the property outrightly to his
nephew (son), he would not have to face implications of Section 50C.
.
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