Applicability of sec. 50c in transaction with blood relative
This query is : Resolved
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.
IS THERE ANY OTHER WAY TO COME OUT OF MATTER.
24 November 2014
No. 50C is quite CLEAR in its meaning. The CIRCLE value should be considered for computing Capital Gain.
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.
24 November 2014
WILL SEC.56 BENIFIT GOES WITH TRANSFEROR
24 November 2014
dear sir,
kindly help in this regard
kindly help in this regard
24 November 2014
the ans is no as immovable property as gift to relative are brought to tax net under sec 56.
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.
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