Applicability of sec. 50c in transaction with blood relative

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This query is : Resolved

Javed Memon (Querist)

24 November 2014 I HAVE SOLD PROPERTY LESS THEN CIRCLE RATE TO MY BROTHER IN LAW. NOW A.O.ASKED ME THAT DIFFERENCE WILL BE ADDED TO MY INCOME AS DEEMED CAPITAL GAIN. IS IT POSSIBLE THAT DEEMED CAPITAL GAIN SHOULD BE TREATED AS GIFT TO RELATIVE AND SHOULD I ESCAPE FROM SEC.50C
IS THERE ANY OTHER WAY TO COME OUT OF MATTER.

Amol S Joglekar

Amol S Joglekar (Expert)

24 November 2014 No. 50C is quite CLEAR in its meaning. The CIRCLE value should be considered for computing Capital Gain.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

24 November 2014 it is the value adopted by state stamp valuation authority for the purpose of payment of stamp duty is to be considered as full value of consideration in case sec 50C is applicable for purpose of calculating capital gains.

Javed Memon

Javed Memon (Querist)

24 November 2014 WILL SEC.56 BENIFIT GOES WITH TRANSFEROR

Javed Memon

Javed Memon (Querist)

24 November 2014 dear sir,

kindly help in this regard

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

24 November 2014 the ans is no as immovable property as gift to relative are brought to tax net under sec 56.

Amol S Joglekar

Amol S Joglekar (Expert)

24 November 2014 See, 56 is always with you, no doubt about it. But sec 56 is NOT going to help you in keeping ASIDE the capital Gain.