Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 November 2014
The assessee purchased a plot of land in 2009 for Rs. 30 lakhs. The assessee sold it in 2014 for Rs.50 lakhs. The sale deed was registered for Rs.50 lakhs but the buyer paid the stamp duty for Rs.70 lakhs as that was the market value. Can the asseeee take the sale consideration as Rs.50 lakhs/
CA R SEETHARAMAN
(Expert)
21 November 2014
Section 50C of income tax provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of land or building or both.
Message likes :
1 times
Amol S Joglekar
(Expert)
21 November 2014
No. Section 50C will come into play. Calculate capital gain with 70lakh as the sale consideration.
Message likes :
1 times
Rupesh Jain
(Expert)
22 November 2014
SALE CONSIDERTION WILL BE RS.50 LCAS BUT CAPITAL GAIN ON RS.50 LCAS.
Amol S Joglekar
(Expert)
22 November 2014
Capital gain to be computed on 70 lakh.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
