Assesse had sold the litigated land at the price lessor than Stamp duty Value, wheather still the assesing officer can leavy tax based on stamp duty value, even though the asssse has received lessor value on sale of property, for the proof he has entered into MOU stating he is selling the Litigated property since he is not in position to manage it. Kindly reply
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Capital gain under section 50 c
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Section 50 C is applicable when property is sold for the consideration less than Stamp duty value.
And if you think the property can not realise the stamp duty value, you can ask the A.O to calcutate the FMV of the property
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