banner_ad

Query about section 50c

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 April 2013 I havbe sold a land in RS. 5000000 and the Govt valuation of land is RS. 8000000.

At what amount i have to pay tax and waht is the treatment of same in my books??

At what amount buyer treats the same in his books??
Profile Image

Sumit Grover

Profile Image

Sumit Grover (Expert)
03 April 2013 Assuming that the by Govt valuation, you mean to say stamp valuation authority, so ,as per Section 50C, your sale consideration shall be Rs. 80 lacs.`

In your books of accounts,you would be showing Sale at Rs. 50Lacs only, however, the tax shall be paid after considering the sale consideration of Rs. 80 Lacs.

And as per proposed amended section 56(2)(vii)(b) by Finance Bill,2013, the Balance amount of Rs. 30 Lacs(i.e. 80-50), shall be considered as the income from other sources in the hands of the receiver.However, this amendment shall come into effect w.e.f 1-Apr-2013 subject to the condition that the same amendment is also passed at the time of enactmennt of the Finance bill
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details