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section 50C

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Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer

Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...

September 1, 2023 37845 Views 7 comments Print

Analysis of Section 50C & 43CA: Tax Implications for Immovable Property

Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...

August 12, 2023 11331 Views 0 comment Print

Immovable Property Sold at less than Stamp Duty Value – Tax Impact on Seller

Income Tax : Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value...

April 27, 2023 94641 Views 15 comments Print

Cash Transactions in Agriculture Sector- Income Tax Provisions

Income Tax : Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interest...

June 13, 2022 69300 Views 1 comment Print

Restrictions on Cash Transactions in Real Estate under Income Tax

Income Tax : Understanding the restrictions on cash transactions in real estate under income tax laws. Learn how these provisions aim to preven...

June 13, 2022 120777 Views 0 comment Print


Latest News


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...

May 28, 2019 7995 Views 2 comments Print

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 giv...

January 14, 2018 3552 Views 1 comment Print

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 spec...

January 20, 2016 1349 Views 0 comment Print


Latest Judiciary


Stamp duty valuation on Allotment letter date should be considered for Section 56(2)(x)

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...

April 11, 2024 1203 Views 0 comment Print

No Section 56(2)(x)(b)(B)(ii) Addition for Valuation Difference of less than 10%

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...

April 3, 2024 2391 Views 0 comment Print

Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata

Income Tax : ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not consider...

March 27, 2024 621 Views 0 comment Print

Section 50C Inapplicable to Assessee in Property Redevelopment Business: ITAT Mumbai

Income Tax : Explore the case of Tirupati Developers vs ACIT where ITAT Mumbai ruled no section 50C addition for PGBP income in a redevelopment...

March 22, 2024 1266 Views 0 comment Print

Section 50(C)(2): If taxpayer objects to valuation, AO must refer valuation to valuation officer

Income Tax : Mumbai ITAT orders AO to follow Sec 50C if stamp values exceed property FMV, in Rakhmabai Mhatre Mukkam Bhalgaon vs ITO case. Full...

March 19, 2024 468 Views 0 comment Print


Latest Notifications


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

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 12636 Views 0 comment Print


Latest Posts in section 50C

Stamp duty valuation on Allotment letter date should be considered for Section 56(2)(x)

April 11, 2024 1203 Views 0 comment Print

Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) order against Assessee.

No Section 56(2)(x)(b)(B)(ii) Addition for Valuation Difference of less than 10%

April 3, 2024 2391 Views 0 comment Print

ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase value and fair market value is less than 10%.

Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata

March 27, 2024 621 Views 0 comment Print

ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not considered the stamp duty valuation of the property on the date of agreement, which was in 2015. As per the proviso to the section, the stamp duty value on the date of agreement should have been taken into account.

Section 50C Inapplicable to Assessee in Property Redevelopment Business: ITAT Mumbai

March 22, 2024 1266 Views 0 comment Print

Explore the case of Tirupati Developers vs ACIT where ITAT Mumbai ruled no section 50C addition for PGBP income in a redevelopment project.

Section 50(C)(2): If taxpayer objects to valuation, AO must refer valuation to valuation officer

March 19, 2024 468 Views 0 comment Print

Mumbai ITAT orders AO to follow Sec 50C if stamp values exceed property FMV, in Rakhmabai Mhatre Mukkam Bhalgaon vs ITO case. Full text available.

Retracted Statement Doesn’t Justify Treating Currency Derivative Loss as Bogus

March 19, 2024 120 Views 0 comment Print

DCIT Vs Delight Suppliers Pvt. Ltd. case by ITAT Kolkata, where currency derivative loss was deemed genuine and safe harbour rule of 5% under Section 50C was allowed.

ITAT Delhi quashes reassessment initiated by AO on incorrect facts

March 18, 2024 630 Views 0 comment Print

ITAT Delhi quashes reassessment initiated by AO on incorrect facts. Full text analysis of Shri Anuj Chaudhary vs ITO case for AY 2009-10.

Section 50C: Higher Property Sale Consideration Not Ground for Section 271(1)(c) Penalty

March 9, 2024 549 Views 0 comment Print

ITAT Delhi rules against penalty under Section 271(1)(c) for inaccurate income particulars from property sale, emphasizing legal and factual clarity.

Actual agricultural activity isn’t crucial in determining land as agricultural: Bombay HC

March 7, 2024 966 Views 0 comment Print

Learn from the Bombay High Court’s judgment why actual agricultural activity isn’t crucial in determining land as agricultural, impacting tax liabilities.

Section 54B Exemption Valid for Pre Sale Deed Registration Land Investment: ITAT

March 1, 2024 1362 Views 0 comment Print

Sold agricultural land? Re-invest the proceeds in new land within 2 years to claim tax exemption under Section 54B. Even if the new land is registered in your son’s name, you may still qualify. Learn the details and avoid common mistakes with this informative guide.

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