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(Querist)
15 December 2009 if the registered valuer values the asset as Rs.30 lacs and the value of the asset is Rs. 20 lacs. which value shall be adopted? what will be the treatment of the difference of rs. 10 lacs? and in whose hand will it be taxable? pls qoute the section relating to the same? this query is related to capital gain
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AMIT KUMAR CHAUDHARY

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AMIT KUMAR CHAUDHARY (Expert)
25 December 2009 YOU ARE ASKING FOR WEALTH TAX ACT OR FOR CAPITAL GAIN UNDER INCOME TAX ACT.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 January 2010 SECTION 50C

For seller :
In computation of Capital Gains , Sales Consideration would be taken as Rs 30.00lac.

In books actual receipt would be entered.

For Buyer:
Asset A/c will be debited by -
value of asset i.e. 20.00 lac
also add stamp duty+additional stamp duty+
other incidental charges like registration fee advocate fee etc.
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