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....
Read MoreAnalysis 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...
Read MoreCapital 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....
Read MoreSection 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...
Read MoreAmendment 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 […]...
Read MoreSection 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 MoreProvide 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 MoreSection 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...
Read MoreLand 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 ...
Read MoreSection 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 MoreSection 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...
Read MoreNo 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 MoreRecent Posts in "section 50C"
Section 50C not applies to Sale of right to property
Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) -
Land with no agricultural activities situated within 8 km. of local municipal limits is capital asset
Girdhari Lal Vs ITO (ITAT Delhi) -
Deeming Fiction for Real Estate: Is It beyond Reality?
Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F
ITO Vs Raj Kumar Parashar (ITAT Jaipur) -
Section 50C does not Apply to Land treated as Stock-in-Trade
Amar Das Vs ITO (ITAT Kolkata) -
No Penalty for addition due to deeming provisions of Section 50C
Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi) -
Section 50C not applies to transfer of booking rights and to right to purchase flats
Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) -
Analysis of S. 50C of Income Tax Act, 1961
IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain
Sudha Garg Vs ITO (ITAT Delhi) -
Capital Gains on Income From Sale of Agricultural Land
Browse All Categories
Latest Posts
- MAT not payable on share income of member of AOP
- CIT cannot invoke revisionary jurisdiction against draft assessment order
- Tractor Cess not leviable on part and accessories of Tractor
- Non-disposal of Section 12AA application within six months not results in deemed grant of registration
- Empanelment -Central Bank of India -Concurrent Audit
- Jurisdiction to commence proceedings against director for recovery of tax dues of delinquent company
- Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT
- Motive Irrelevant In determining Abuse Of Dominance: CCI
- Temporary employees entitled To Minimum Wages Applicable to Regular Employees Holding Same Post: SC
- Properties of struck off companies- Proposed amendments
Popular Posts
- Online GST Certification Course by TaxGuru and M.S.M.E.
- Empanelment -Central Bank of India -Concurrent Audit
- Tax benefits for NPS contribution
- Online GST Crash Course by TaxGuru & GST Professionals starts today
- Hurry Up! Join 4 day GST Course by M.S.M.E.
- GST Annual Return: An Overview
- Unjustified Discrimination for Small CA Firms/small city firms
- Does GSTR-9 Annual Return will Transmit Final Rectified Data
- Companies (Amendment) Ordinance, 2018- Highlights
- Complete Analysis of Annual Return and GST Audit
