Will Sec 50C of Income tax Act is Applicable or not
This query is : Resolved
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
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.
https://taxguru.in/income-tax/sec-50c-not-applies-to-distress-sale-of-land-to-govt-company.html
https://taxguru.in/income-tax/sec-50c-not-applies-to-distress-sale-of-land-to-govt-company.html
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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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