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Will Sec 50C of Income tax Act is Applicable or not

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03 April 2024 Mr. A has bought a flat in an auction from a bank under the SARFAESI Act 2002. Mr. A is selling that flat with a market value of 2 crore and a buying value of 1.50 crore.

The question is: Will Section 50C of the Income Tax Act be applicable to Mr. A

03 April 2024 you need to draft your question with more clarity. Buying value or selling value?

04 April 2024 Section 50c not applicable for auction sale.

04 April 2024 Seetharaman ji. He bought the flat in auction. But from his message it seems, that he is selling it later on! so not sure auction sale part is relevant anymore.

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