Stamp valuation u/s 50c

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Prerana (Querist)
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10 September 2014 Hi, suppose the Assessee has transferred land and building and he claims he transferred it for 25 lacs, but in opinion of stamp valuation Authority it is 28 lacs, it is then disputed and the matter is then referred to a valuation officer who determines the value as 23 lacs, what should be taken as the consideration for transfer in this case?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 September 2014 25 lacs should be taken.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 September 2014 when its disputed and the value is finally decided less then actual value transferred then final value is the actual value to be taken i.e 25 laks

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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10 September 2014 if the value adopted by stamp valuation authority is challenged by the assessee, the AO will refer the matter to valuation officer.sec 50 (c) 2
if the valuation by valuation officer is exceeds than the stamp authority valuation than stamp valuation is to be taken as full value of consideration .sec 50 (c)3
in your case as the valuation officer value is 23 lac, less than stamp value of rs 28 lacs. hence actual consideration recd will be full value , hence rs 25 lacs will be taken as consideration.

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