Property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2016 I HAVE SOLD A PROPERTY AT SODEPUR, KOLKATA AT RS.43,00,000/- BUT REGISTRAR INCREASED THE VALUATION AT RS.51,00,000/-. PLEASE TELL ME WHETHER THE CAPITAL GAIN IMPACT WILL BE ON RS.43,00,000/- OR RS.51,00,000/- AS DETERMINED BY THE REGISTRAR. MY BUYER IS ALSO ASKING ME WHETHER HE HAS TO DEDUCT TDS ON PROPERTY U/S 194IA. PLEASE ADVISE OR ANY OTHER AMENDMENT THEREON.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

05 May 2016 Capital gain impact will be on Rs. 51,00,000/- as per section 50C unless you object before AO that the valuation made by registrar is more than the market value of property sold. then the AO will refer the valuation to department valuation officer. As far as buyer is concerned tell him that he does not require to deduct TDS as actual sale consideration was less than Rs. 50,00,000/- and section 50C being a deeming fiction does not have any overriding effect on section 194IA. Moreover section 194IA refers to sale consideration which is in your case only Rs. 43,00,000/-.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

velichety.l.narasimharao

Akhila Ajayan

Amit Bagla

GIRISH K SATTI

Ravi

Subscribe Now

Property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Article Assistant