Clarification regarding sec 50c
This query is : Resolved
Puja Agarwal
(Querist)
12 September 2015
Sir\Mam
What will be the cost to the 'buyer' where value adopted by stamp valuation authority is taken as FVC for capital gains purpose
What will be the cost to the 'buyer' where value adopted by stamp valuation authority is taken as FVC for capital gains purpose
Guest
Guest
(Expert)
12 September 2015
If purchases the land as stock in trade then Cost of the Buyer would be the money he actually paid for purchasing the property..If he is taking it as a capital asset then the cost of acquisition would be the stamp duty value.
Puja Agarwal
(Querist)
12 September 2015
So that means if the assessee is claiming deduction u/s 54 for this new house purchased he will get the deduction upto the amount fixed by the stamp authority ??
Guest
Guest
(Expert)
12 September 2015
Ya..exacltly..you are right..Even this facts are supported by the Karnatka HC in the case of Gouli Mahadevappa..
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