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Section 50c

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 October 2011 SECTION 50C STATES - consideration received or accruing as a result of the transfer by an assessee of a capital asset......

Consideration accruing has not bee defined. in the case of sale of land & building, accrual is made at the time when agreement to sell is entered into and this accrual results in receipt, when final sale deed is entered into. There is a time gap between accrual and received.

However, it has not been clarified that at what point of time Stamp Duty Value has to be calculated - whether at the time when agreement to sell entered into or at the time when final sale happens. If the circle rate changes after the date of entering into agreement to sell, what would happen? Kindly clarify.
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CA Ankit Verma

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CA Ankit Verma (Expert)
08 October 2011 Stamp duty rate shall be the rate prevailing on the day of fulfilling the conditions of Sec 53A of "Transfer of Property Act, 1882" irrespective of the date of entering into sale agreement.
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