Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Inc...
Income Tax : Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interest...
Income Tax : Understanding the restrictions on cash transactions in real estate under income tax laws. Learn how these provisions aim to preven...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural ...
Income Tax : ITAT Delhi dismisses DCIT's appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting ...
Income Tax : Read about Pahari Mata Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Lucknow). The Commissioner (Appeals) cannot dismiss the appeal for n...
Income Tax : Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) orde...
Income Tax : ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase va...
Income Tax : In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
It is proposed to provide by inserting a new section 43CA that where the consideration for the transfer of an asset (other than capital asset), being land or building or both, is less than the stamp duty value, the value so adopted or assessed or assessable shall be deemed to be the full value of the consideration for the purposes of computing income under the head ‘Profits and gains of business of profession’
It is not in dispute that the activity of the assessee is of property promoter. As the property in the hands of the assessee was treated as business asset and not as capital asset, there is no question of invoking the provisions of section 50C of the Act. Section 50C of the Act pertains to determining the full value of the capital asset. The appeal is, therefore, dismissed.
