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Cosideration

This query is : Resolved 
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(Querist)
29 May 2012 ONE PERSON HAS A PROPERTY BUT THE POSSESSION IS WITH TENENTS AND NOW THEY ARE SELLING THIS PROPERTY AT AN AMOUNT MUCH BELOW ITS MARKET VALUE AND STAMP VALUE WHAT SHOULD BE TAKEN AS TAXABLE VALUE OF SALE CONSIDERATION EITHER ACTUAL SALE VALUE OR STAMP VALUE.

NOTE:THE PROPERTY IS IN POSSESSION WITH TENANTS FOR LAST 40 YEARS DUE TO WHICH THERE ARE DIFFICULTY IN GETTING GOOD CONSIDERATION.
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Hitendra Jain

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Hitendra Jain (Expert)
30 May 2012 According to Section 50C the stamp value of the property shall be the sale consideration.
you may find room in following case law

CIT v. Chandni Buchar (2010) 323 ITR 0510 (Pun.& Har.)

Link is
https://www.caclubindia.com/articles/print_this_page.asp?article_id=7198
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