Query about section 50c
This query is : Resolved
Chandra Prakash Bhutra
(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??
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??
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
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
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