deemed income and cash flow
This query is : Resolved
04 July 2009
This question pertains to Section 50C of the IT Act. consideration mentioned in sale deed 10 lacs. Valuation for stamp duty purpose Rs 25 lacs. not challeged the valuation. The seller has offered 25 lacs for taxation. what is the cash inflow for the seller and what is the cash out flow for the buyer. I will be much obliged if any one come out with some case law.
05 July 2009
Cash outlfow for the buyer and seller will be 10 lakhs as mentioned in sale deed. But for capital gain purpose the sale price will be treated as 25 laksh insted of 10 Lakhs. And one problem is if the transaction is between two unknown parties ie if they are not relatives the deparment will feel that there is a exchange of money without being brought to accounts and scrutiny may be there for the same.
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