Sale Value U/s. 50C is to be adopted for deduction U/s. 54F

Brief facts of the case are that the assessee, an individual, deriving income from house property, capital gains and interest income, filed his return of income for the A.Y. 2010-2011 on 13.04.2011 declaring income of Rs.5, 19,930. During the assessment proceedings under section 143(3) of the Act, the A.O. observed that the assessee has sold his plot at Banjarahills for a consideration of Rs.20 lakhs as is mentioned in the sale deed. He observed that vendees have paid the stamp duty, registration charges etc., for the value of Rs.89,60,000. Therefore, he invoked the provisions of section 50C o...