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Deemed consideration under s/50C

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(Querist)
19 July 2024 My client sold his property last year for Rs.55,000,00/- but as per Municipal valuation property value was Rs.81,00,000/- more than 10% variation. Property purchased during 2005-06 for Rs.15 lakh. Is it fair to take 81 lakh as deemed consideration u/s 50C as we have sale agreement of Rs.51 lakh. Since the property is overly priced by revenue authority. which value should i consider under S/50C.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 July 2024 Sale consideration would be as higher of these two, unless the difference is below 10%.
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