Amendments in section 50c
This query is : Open
06 April 2013
Dear All,
Can anyone tell me the proposed changes in section 50c in case of stamp duty valuation?
whether purchaser ( transferee) is liable to pay tax on difference amount??
Pls it is very urgent
Can anyone tell me the proposed changes in section 50c in case of stamp duty valuation?
whether purchaser ( transferee) is liable to pay tax on difference amount??
Pls it is very urgent
06 April 2013
The amendment has been brought u/s 56(2)(vii)(b)...and not section 50C.....
And yes, the buyer needs to pay tax on differential amount (Stamp value less sale consideration) in case such difference exceeds Rs. 50,000
The following can be exmplained with the help of following example:
Mr. A sold land to Mr. B:
Sale consideration---Rs. 90 Lacs
Stamp valuation value---Rs. 95 Lacs
For seller:
Sale consideration for seller(as per section 50C)---Rs. 95 lacs
For Buyer:
The amendment is that the buyer has to pay the tax on Rs. 5 Lacs(i.e. 95-90 lacs).
And yes, the buyer needs to pay tax on differential amount (Stamp value less sale consideration) in case such difference exceeds Rs. 50,000
The following can be exmplained with the help of following example:
Mr. A sold land to Mr. B:
Sale consideration---Rs. 90 Lacs
Stamp valuation value---Rs. 95 Lacs
For seller:
Sale consideration for seller(as per section 50C)---Rs. 95 lacs
For Buyer:
The amendment is that the buyer has to pay the tax on Rs. 5 Lacs(i.e. 95-90 lacs).
Message likes :
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08 April 2013
ok..
Is it possible to make agreement to sell before the said amendments??
I think this will lead to double taxation..!! isn't it???
Is it possible to make agreement to sell before the said amendments??
I think this will lead to double taxation..!! isn't it???
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