section 50C

Deeming Fiction for Real Estate: Is It beyond Reality?

Income Tax - One of the most controversial provisions, which had a huge impact on the taxation of Real Estate Transactions, was the introduction of concept of Deeming Fiction through Section 50C....

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Analysis of S. 50C of Income Tax Act, 1961

Income Tax - Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of lan...

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Capital Gains on Income From Sale of Agricultural Land

Income Tax - Sale of land resulting in business income The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard....

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Section 50C – Tax Provisions, Assessment, Case Laws

Income Tax - Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building and, accordingly, calculating capital gain...

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Amendment to Section 50C by FA 2018 curative? Hence retrospective?

Income Tax - The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]...

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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...

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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...

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Section 50C not applies to Sale of right to property

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) - Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the [&helli...

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Land with no agricultural activities situated within 8 km. of local municipal limits is capital asset

Girdhari Lal Vs ITO (ITAT Delhi) - Girdhari Lal Vs ITO (ITAT Delhi) The test for determining whether the impugned land is agriculture bear mainly on the nature or character of the land, and not merely on the actual user or non-user at a particular point of time. If the land is not actually appropriated for agricultural purposes, the ...

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Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F

ITO Vs Raj Kumar Parashar (ITAT Jaipur) - Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration....

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Section 50C does not Apply to Land treated as Stock-in-Trade

Amar Das Vs ITO (ITAT Kolkata) - Amar Das Vs ITO (ITAT Kolkata) Admittedly the provisions of section 50C are applicable only for capital assets and not for assets held as stock-in-trade. We find that the legislature in its wisdom had introduced a separate provision to adopt the stamp value in respect of assets other than capital as...

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No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi) - A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars....

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Recent Posts in "section 50C"

Section 50C not applies to Sale of right to property

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata)

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the […]...

Read More

Land with no agricultural activities situated within 8 km. of local municipal limits is capital asset

Girdhari Lal Vs ITO (ITAT Delhi)

Girdhari Lal Vs ITO (ITAT Delhi) The test for determining whether the impugned land is agriculture bear mainly on the nature or character of the land, and not merely on the actual user or non-user at a particular point of time. If the land is not actually appropriated for agricultural purposes, the minimal requirement is […]...

Read More

Deeming Fiction for Real Estate: Is It beyond Reality?

One of the most controversial provisions, which had a huge impact on the taxation of Real Estate Transactions, was the introduction of concept of Deeming Fiction through Section 50C....

Read More
Posted Under: Income Tax |

Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F

ITO Vs Raj Kumar Parashar (ITAT Jaipur)

Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration....

Read More

Section 50C does not Apply to Land treated as Stock-in-Trade

Amar Das Vs ITO (ITAT Kolkata)

Amar Das Vs ITO (ITAT Kolkata) Admittedly the provisions of section 50C are applicable only for capital assets and not for assets held as stock-in-trade. We find that the legislature in its wisdom had introduced a separate provision to adopt the stamp value in respect of assets other than capital assets by introducing section 43CA [&helli...

Read More

No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi)

A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars....

Read More

Section 50C not applies to transfer of booking rights and to right to purchase flats

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata)

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of […]...

Read More

Analysis of S. 50C of Income Tax Act, 1961

Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of lan...

Read More
Posted Under: Income Tax | ,

IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain

Sudha Garg Vs ITO (ITAT Delhi)

Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the said property claiming real […]...

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Capital Gains on Income From Sale of Agricultural Land

Sale of land resulting in business income The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard....

Read More
Posted Under: Income Tax |

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