section 50C

Provisions of Section 50C of Income Tax Act, 1961- Q&A

Income Tax - Section 50C of income tax act 1961 introduced vide Finance Act. 2002 w.e.f. 01.04.2003, which prescribes similar provisions in the case of transfer of land or building or both held in the nature of ‘Capital Assets’. (from assessment year 2003-2004)....

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Taxability where Stamp Duty Value higher than Sale Consideration

Income Tax - Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...

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Taxation of development agreement in parity with stamp duty valuation

Income Tax - Taxation of development agreement is most complex issue in recent times because nowdays stamp duty valuations of the development agreements are based on maximum potential FSI. The structure of the development agreement and consideration involves two flows of consideration. One flow is from devoloper to landowner in form of consideration i...

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Income Tax Points to keep In Mind while Selling & Buying a Property

Income Tax - Points To Be Kept In Mind At The Time of Selling And Buying Property For The Purpose of Income Tax If you are going to sell a property then a number of points are to be kept in mind which are explained below : 1. The sales consideration if lower than value adopted or assessed […]...

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Section 50C of Income Tax Act, 1961

Income Tax - 1. Determination of full value of consideration Sub section (1) of the section 50C provides that where the 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 the value of adopted or assessed or assessable by any authority […]...

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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....

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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 cannot be applied in the year in which Transfer not taken palce

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) - Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter da...

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No Change of Opinion if facts related to deemed consideration U/s. 50C been overlooked

Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) - Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original asses...

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Section 50C- AO to adopt guideline value on sale date of agreement & not on sale deed date

N.A. Haris Vs Add. CIT (ITAT Bangalore) - N.A. Haris Vs Add. CIT  (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline val...

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Section 50C of the Act does not operate to change year of transfer

Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) - Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to incom...

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Section 50C Stamp value as on date of agreement or date of registration?

Ashok Vadilal Patel Vs ITO (ITAT Ahmedabad) - Ashok Vadilal Patel Vs ITO (ITAT Ahmedabad) The dispute between the assessee and the Revenue is, for the purpose of section 50C, which rate is to be deemed as full consideration for the sale of this property for purpose of section 48 of the Act ? According to the assessee, the rate should be adopted...

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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 ̵...

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Recent Posts in "section 50C"

Provisions of Section 50C of Income Tax Act, 1961- Q&A

Section 50C of income tax act 1961 introduced vide Finance Act. 2002 w.e.f. 01.04.2003, which prescribes similar provisions in the case of transfer of land or building or both held in the nature of ‘Capital Assets’. (from assessment year 2003-2004)....

Read More
Posted Under: Income Tax |

Taxability where Stamp Duty Value higher than Sale Consideration

Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...

Read More
Posted Under: Income Tax |

Taxation of development agreement in parity with stamp duty valuation

Taxation of development agreement is most complex issue in recent times because nowdays stamp duty valuations of the development agreements are based on maximum potential FSI. The structure of the development agreement and consideration involves two flows of consideration. One flow is from devoloper to landowner in form of consideration i...

Read More
Posted Under: Income Tax |

Income Tax Points to keep In Mind while Selling & Buying a Property

Points To Be Kept In Mind At The Time of Selling And Buying Property For The Purpose of Income Tax If you are going to sell a property then a number of points are to be kept in mind which are explained below : 1. The sales consideration if lower than value adopted or assessed […]...

Read More
Posted Under: Income Tax |

Section 50C of Income Tax Act, 1961

1. Determination of full value of consideration Sub section (1) of the section 50C provides that where the 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 the value of adopted or assessed or assessable by any authority […]...

Read More
Posted Under: Income Tax |

Section 50C of Income Tax Act & new Pandora of Litigation

Section 50C, 43CA of the Income Tax Act and Safe Harbour Rule thereof The idea to write this piece came to my mind while I was going through the capital gain provisions and a recent judgment of Mumbai ITAT, pronounced on 15.01.2021 in the matter of Maria Fernandes Cheryl came to my notice and my […]...

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Posted Under: Income Tax |

Section 50C cannot be applied in the year in which Transfer not taken palce

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore)

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter dated 19.03.2015 addressed to the [&hellip...

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No Change of Opinion if facts related to deemed consideration U/s. 50C been overlooked

Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad)

Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original assessment proceedings, […]...

Read More

Section 50C- AO to adopt guideline value on sale date of agreement & not on sale deed date

N.A. Haris Vs Add. CIT (ITAT Bangalore)

N.A. Haris Vs Add. CIT  (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline value by invoking the provisions of [&helli...

Read More

Section 50C of the Act does not operate to change year of transfer

Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore)

Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to income tax […]...

Read More

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