26 January 2013
ONE OF MY CLIENT PURCHASED LAND AT RS.18 LACS AND AFTER 1 YEAR SOLD AT 9 LACS. Assessee sold Iron or Bricks etc. worth Rs.10 lacs in unorganised sector - Say Brick Wala , Kapadia. How to substantiate this evidence. Whether sale of land at 9 lacs and Malwa at Rs.10 lacs is acceptable under short term capital gain.
29 January 2013
In case of sale of immovable property the provisions of Sec. 50 C is attracted.
It provides that where the consideration declared or received or accruing as a result of the transfer of land or builidng or building or both, is less than the value adopted or assessed or assessable by any authority of a state goverenment (i.e. stamp valuation authority) for the purposes of payment of stamp duty in respect of such transfer, the value so adopted shall be deemed to be full value of consideration under sec. 48 of the Income Tax Act.
If according to the assessee, the stamp duty value of immovable property determined by stamp duty authority is more than its market value, he has the following remedies :
(i) He may approach the Assessing officer to refer the valuation to the valuation officer. or
(ii) He may file an appeal or revision or reference before any authority or court.
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