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ITAT directs AO to ascertain how sale consideration can be bifurcated between land & built up area of flats
Case Law Details
- Case Name
- DCIT Vs Muppala Bhasker Reddy (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Bangalore
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DCIT Vs Muppala Bhasker Reddy (ITAT Bangalore)
The next question is how to appropriate the sale consideration for the transfer of land and building if a lump-sum monetary consideration is received by the transferor from the transferee when the transfer is effected through a single conveyance deed. As per section 50C as amended by the Finance Act 2009, where the consideration received or accruing as a result of transfer of land and/ or building is less than the value adopted or assessed or assessable by an authority of the State Government for the purpose of payment of stamp duty in respect of...
