Case Law Details
Case Name : ITO Vs Smt. Rajani Manhar Bhagat (ITAT Ahmedabad)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Ahmedabad
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ITO Vs Smt. Rajani Manhar Bhagat (ITAT Ahmedabad)
Conclusion: Since the market value of immovable property sold by assessee had to be Rs.2,60,05,348/- and the purchase consideration together with costs towards obtaining vacant property should stand at Rs.2,26,00,000/-, therefore, the long term capital gain would be Rs.34,05,348/- as per section 50C and the brokerage costs incurred on sale consideration by the purchaser could not be taken into account for the purposes of Section 50C.
Held: Assessee-individual sold immovable property for a consideration of Rs.51 Lakhs. AO found that stamp duty o...
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The assessee is a real estate developer. He sold plots not below the guideline rates. As per sale deeds the assessee borne the expenses on stamp duty and registration fee. The assessing officer is of the view that in the form of free registration facility the assessee has offered a discount whereby the consideration received is not equal to the guideline value and therefore the expenses borne by assessee on registration fee and stamp duty is the difference between actual consideration and guideline value and he proposes to add such difference u/s 43CA. Please guide. Thanks