U/S 50 C father has to pay tax on capital gain computed with 10 lacs as full value of consideration.
There is no exemption for transfer to son U/S 50C.
section 56(2)(x) is not applicable due to father son come under he definition of relative per proviso to 56(2)(x).
Hence no tax to son for 10 lac property buying for 1 lac.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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