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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 38979 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 12408 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 101607 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 71244 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 123702 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 8016 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 3567 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 1358 Views 0 comment Print

Latest Judiciary

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 492 Views 0 comment Print

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 1695 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 2916 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 741 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 1437 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 12714 Views 0 comment Print

Section 271(1)(c) Penalty not applicable for addition under 50C

May 2, 2022 4356 Views 0 comment Print

In this case AO has considered the full value consideration U/s 50C as against the actual sale consideration declared by the assessee. The increased of value by the AO in the full value consideration does not amount either concealment of particulars of income or furnishing inaccurate particulars of income.

Section 43CA RW 50C: AO cannot make addition without referring Valuation to DVO

May 1, 2022 2430 Views 0 comment Print

Vijay Arvind Raykar Vs ITO (ITAT Pune) The assessee is a builder. He is in the business of construction and sale of residential/ commercial properties. The AO observed that certain residential units have been sold by the assessee at a price less than the value adopted for Stamp Duty purpose by the State Government. During […]

TDS on sale of immovable property on higher of Agreement or stamp duty value

February 1, 2022 7539 Views 0 comment Print

In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at the rate of one per cent. of such sum paid or credited to the resident or the stamp duty value of such property, whichever is higher.

No Section 50C addition for variation of upto 10% of stamp duty value

January 15, 2022 8184 Views 0 comment Print

Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad) In the statement of LTCG, the assessee had not adopted the market value/SRO value as sale consideration as per section 50C of the Act. In AY 2012-13, the assessee computed LTCG by adopting market value of Rs. 9,44,98,000/- and the assessee being 1/4th share beneficiary of Rs. 2,09,62,515/-, […]

Transfer of Immovable Property for Less than Stamp Duty Value -Implications

January 5, 2022 17970 Views 1 comment Print

The most essential condition of Sections 43CA ,50C & 56(2)(x) is that the Sale Consideration in whole or part should be received on or before date of registration of agreement only through ECS/RTGS/NEFT/EFT/IMPS/UPI/BHIM or other approved means of money transfer. In this case the Stamp Duty Value at the date of agreement will be allowed to be considered as Sale Consideration instead of Stamp Duty Value at the date of transfer of property under consideration.

Stamp Duty Valuation Complimented with Delhi Govt Circle Rate Notification In Force As on Date

December 20, 2021 3039 Views 0 comment Print

Stamp Duty Valuation Complimented with Delhi Govt Circle Rate Notification In Force As on Date 1. Delhi Govt Vide No. F. 1(2854)/Regn.Br./Div.Comm./HQ/2020/5453 dated 26th February 2021; notified revised circle rates for registration of instruments relating to lands and immovable properties in Delhi by all the Registering Authorities under the provisions of the Indian Stamp Act, […]

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

October 2, 2021 11082 Views 1 comment Print

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).

Taxability where Stamp Duty Value higher than Sale Consideration

June 26, 2021 159315 Views 4 comments Print

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 […]

Taxation of development agreement in parity with stamp duty valuation

June 21, 2021 5865 Views 1 comment Print

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 in kind with the monetary […]

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

May 13, 2021 18450 Views 3 comments Print

Important income tax points to consider when buying or selling a property. Learn how Section 50C can affect the calculation of capital gains.

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