section 50C

Surgical Strike on Cash Transactions

Income Tax - a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]...

Read More

Contribution of Land or Building in a partnership firm: Tax Impact

Income Tax - Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The afo...

Read More

Income Tax Law Relating To Cash Transactions

Income Tax - A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More

Section 50C of Income Tax Act, 1961- FAQs

Income Tax - Section 50C says that when an individual sells land or building or both at a consideration lower than the Stamp duty value adopted or assessable by authority, then the Stamp duty value adopted or assessable by authority of property would be deemed to be the sales consideration for computation of Capital Gain under section 48 of Income Tax...

Read More

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961

Income Tax - Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961 The above sections are meant for taxing the persons who are in the intention of selling the assets at a price less than stamp duty value / fair market value. The above said sections are drafted in a lucrative way to the […]...

Read More

6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax - Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

Read More

Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

Income Tax - In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...

Read More

Provide relief when agreement date fixing sale consideration & Registration Date not same

Income Tax - Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a special provision for determining the full value of consideration in cases of transfer of immovable property. It provides that where the consideration declared to be received or accruing as a result of the transfer...

Read More

Section 50C not applicable to leasehold rights

Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi) - Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi) Section 50C(1) of the Act, in so far as it is relevant for our purpose, prescribes that where the sale consideration received or accruing as a result of the transfer by an assessee of a capital asset, being ‘land or building or both‘, is les...

Read More

Deeming Fiction of Sec 50C can’t be brought into Section 54/54F Exemption

Dhanveer Singh Gambhir Vs ITO (ITAT Indore) - The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F? ...

Read More

No additions on issues not part of limited scrutiny: ITAT Delhi

Atul Gupta Vs ACIT (ITAT Delhi) - Atul Gupta Vs ACIT (ITAT Delhi) It is an undisputed fact that the instant case was picked up for ‘Limited Scrutiny’ on two specific issues as reproduced in Para 2.0 above. It is also an undisputed fact that neither any permission was sought by the AO to expand the scope of limited scrutiny in th...

Read More

Section 50C- ITAT deletes addition of 8% difference in Value

Shri B.S. Sanjay [HUF] Vs ITO (ITAT Bangalore) - Shri B.S. Sanjay [HUF] Vs ITO (ITAT Bangalore) In the present case, the sale consideration as per sale deed is Rs. 59.40 Lakhs and the value adopted by DVO u/s. 50C (2) is Rs. 64,10,400/- and therefore, the difference between these two values is of Rs. 4,70,400/- which is less about 8% of the sale [...

Read More

No addition u/s 56(2)(vii)(b) if difference in valuation is less than 5%

Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore) - Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore) ITAT Pune Bench in the case of Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon’ble Pune Bench took the view that if the variance between the value estimated as fair market value by the DVO and the value a...

Read More

CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...

Read More

Recent Posts in "section 50C"

Section 50C not applicable to leasehold rights

Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi)

Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi) Section 50C(1) of the Act, in so far as it is relevant for our purpose, prescribes that where the sale consideration received or accruing as a result of the transfer by an assessee of a capital asset, being ‘land or building or both‘, is less than […]...

Read More

Deeming Fiction of Sec 50C can’t be brought into Section 54/54F Exemption

Dhanveer Singh Gambhir Vs ITO (ITAT Indore)

The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F? ...

Read More

No additions on issues not part of limited scrutiny: ITAT Delhi

Atul Gupta Vs ACIT (ITAT Delhi)

Atul Gupta Vs ACIT (ITAT Delhi) It is an undisputed fact that the instant case was picked up for ‘Limited Scrutiny’ on two specific issues as reproduced in Para 2.0 above. It is also an undisputed fact that neither any permission was sought by the AO to expand the scope of limited scrutiny in the […]...

Read More

Section 50C- ITAT deletes addition of 8% difference in Value

Shri B.S. Sanjay [HUF] Vs ITO (ITAT Bangalore)

Shri B.S. Sanjay [HUF] Vs ITO (ITAT Bangalore) In the present case, the sale consideration as per sale deed is Rs. 59.40 Lakhs and the value adopted by DVO u/s. 50C (2) is Rs. 64,10,400/- and therefore, the difference between these two values is of Rs. 4,70,400/- which is less about 8% of the sale […]...

Read More

No addition u/s 56(2)(vii)(b) if difference in valuation is less than 5%

Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore)

Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore) ITAT Pune Bench in the case of Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon’ble Pune Bench took the view that if the variance between the value estimated as fair market value by the DVO and the value adopted by the […]...

Read More

Section 50C:  Increase to 10% in variation between stamp duty value & consideration is retrospective

Sri Sandeep Patil Vs. ITO (ITAT Banglore)

Sri Sandeep Patil Vs. ITO (ITAT Banglore) ITAT held that difference between the value adopted by stamp valuation authority and actual consideration is to be ignored if the same is less than 10%. We also notice that the Parliament has introduced third proviso in section 50C(1) of the Act, as per which the difference in […]...

Read More

Surgical Strike on Cash Transactions

a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]...

Read More
Posted Under: Income Tax |

Section 50C cannot be invoked in respect of TDR Rights

Sri Justice B. Subhashan Reddy (HUF) Vs ACIT (ITAT Hyderabad)

whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rights as the same would not come within the meaning of “immovable property”?...

Read More

Section 54/54F exemption: ITAT directs AO to consider additional evidence

Hemalatha Mallapuram Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the tribunal can give fresh opportunity to the assessee to submit evidence which assessee might not have been able to provide at the time of hearing?...

Read More

Section 50C not applies if Market Value of Property reduced due to Defect in Property Title

Aruna Kommuri Vs ACIT (ITAT Hyderabad)

The issue under consideration is whether the provisions of section 50C of the Act can be applied in cases where the market value of the property is reduced due to the defect in the title of the property?...

Read More

Browse All Categories

CA, CS, CMA (4,978)
Company Law (6,641)
Custom Duty (8,015)
DGFT (4,363)
Excise Duty (4,398)
Fema / RBI (4,399)
Finance (4,644)
Income Tax (34,700)
SEBI (3,709)
Service Tax (3,603)

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031