section 50C

This query is : Resolved

Shyam Murarka (Querist)
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23 September 2008 The Ld. AO wants to take the recourse of Section 50C of the ACT in case of sale of flat (Long term)?

Is it binding on the assessee?

Suggest the remedial measures.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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23 September 2008 The assessee has the right to claim if the market value is lower and the AO may refer to valuation officer as provided in subsection (2).

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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23 September 2008 The assessee has the right to claim if the market value is lower and the AO may refer to valuation officer as provided in subsection (2).