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transfer of property by partner to firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 November 2010 if a partner in a firm transfer a land to the firm and value recorded in books is Rs.500000 and assesseble value for the purpose of section 50C is Rs.600000, what shall be full value of consideration?
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PHULLJIT SINGH GROVER

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PHULLJIT SINGH GROVER (Expert)
19 November 2010 Rs. 600000
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
19 November 2010
If stamp duty value exceeds the value recorded in the books of Account, then, stamp duty value shall be regarded as full value of consideration. There by Rs 6 lakh shall be Full value for the purpose of computation of capital gain
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taxindiaconnect

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taxindiaconnect (Expert)
19 November 2010 Agreed with Vivek.
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