10 January 2012
I want to file appeal against order pass by AO u/s 50c of Income Tax Act 1961.
Fact of Case:- I had Sold a Property of Rs.22,00,000/- but Value determined by AO as per municipal Valn of Rs 64,00,000/- but AO Taxed as CG u/s 50c help me for Appeal proceeding.
11 January 2012
UNDER 50C OF INCOME TAX ACT, SALE CONSIDERATION FOR A PROPERTY SHALL BE THE VALUE WHICH IS TAKEN FOR PAYMENT OF STAMP DUTY. AO IS CORRECT WHEN MUNICIPAL VALUE IS THE VALUE ADOPTED FOR STAMP DUTY PAYMENT
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