Section 50c of the income tax act, 1961
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2017
Mr. A appoints Mr. B as his attorney to sell his immovable property at price of Rs.X to anyone of the prospective buyers.
Mr. B sold the property at Rs. Y (which is higher than Rs.X) to Mr. C. Rs. Y is the stamp duty value as on the date of execution of sale deed.
Mr. B received the entire sales consideration in his own account as he is holding power of attorney and returned Rs.X only to Mr. A and remaining amount has been kept by him.
Query:
1. In this case what will be sale value to be treated in the hands of Mr. A for the purpose of Section 50C as he receives only Rs.X as sale consideration?
Mr. B sold the property at Rs. Y (which is higher than Rs.X) to Mr. C. Rs. Y is the stamp duty value as on the date of execution of sale deed.
Mr. B received the entire sales consideration in his own account as he is holding power of attorney and returned Rs.X only to Mr. A and remaining amount has been kept by him.
Query:
1. In this case what will be sale value to be treated in the hands of Mr. A for the purpose of Section 50C as he receives only Rs.X as sale consideration?
05 December 2017
Sale Value for the purpose of Section 50c is higher of the stamp value or actual considiration recieved.
So in your case sale value to be treated in hands of Mr A will be Rs Y for the purpose of section 50c.
So in your case sale value to be treated in hands of Mr A will be Rs Y for the purpose of section 50c.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
