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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 41979 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 14148 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 116019 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 74496 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 129609 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 8043 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 3576 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 1397 Views 0 comment Print

Latest Judiciary

Finalized Assessment Cannot Be Reopened for Property Deed Re-registration

Income Tax : Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural ...

July 16, 2024 447 Views 0 comment Print

Section 50C not applies to Approved Transfers by Statutory Authorities

Income Tax : Section 50C not applies if transfer of capital asset took place as per approval and under the supervision of the statutory authori...

July 9, 2024 411 Views 0 comment Print

Gem & jewellery Exhibitions for members benefit not commercial Activity: ITAT allows Section 11 exemption to GJEPC

Income Tax : ITAT Mumbai rules on DCIT vs Gem and Jewellery Export Promotion Council case, clarifying exhibition activities are not trade and c...

July 8, 2024 210 Views 0 comment Print

Deeming Provisions of Section 50C Not Apply to Leasehold Rights: ITAT Delhi

Income Tax : ITAT Delhi rules that Section 50C deeming provisions cannot be applied to leasehold rights in the Shivdeep Tyagi vs ITO case....

June 26, 2024 537 Views 0 comment Print

ITAT Upheld Addition for Failure to Prove Agriculture Income Genuinity

Income Tax : Read the detailed analysis of the ITAT Chennai order in the case of D. Ramagopal Vs ACIT, where addition was upheld due to failure...

June 7, 2024 573 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 12918 Views 0 comment Print

Increase in safe harbour limit of 5% u/s 43CA, 50C & 56 to 10%

February 7, 2020 11829 Views 2 comments Print

Budget 2020- Increase in safe harbour limit of 5% u/s 43CA, 50C and 56 of the Income Tax Act to 10% Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the […]

Dual taxation on transfer of immovable property – Sections 50C & 56(2)(x)(b)(B)

February 6, 2020 5820 Views 0 comment Print

This article is a brief attempt to analyse two different provisions having similar impact on two different but connected assessees who amongst them have a relationship of buyer and seller of immovable property. The buyer gets taxed under the head Income from Other Sources while the seller is taxed under the head Capital Gains.

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

January 29, 2020 12918 Views 0 comment Print

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 ‘account payee bank draft or use of electronic clearing system through […]

‘Undervalued’ vs ‘Understated’ Capital Asset- Fiction of Fair Value

January 20, 2020 7113 Views 0 comment Print

It is a well settled and in substance a legal precedent that what is subject to tax is a real income. The principle of real income has been subject matter of intrinsic litigation in past and the possibility of probable dispute on the scope of what constitutes real income in days to come cannot be completely ruled out despite there have been series of amendments/clarification brought into the existing provisions of the Income Tax Act 1961 (the Act).

Agriculture land situated beyond 8 kms is not Capital Asset & Section 50C not applies

January 8, 2020 9804 Views 0 comment Print

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land […]

Assessee holding General Power of Attorney with respect of Land Sold Not Liable for Capital Gains

January 1, 2020 1968 Views 0 comment Print

ITO Vs Sejal Gopalbhai Shah (ITAT Ahmedabad) The issue under consideration is whether capital gain will be taxed in the hands of general power of attorney holder with respect to land sold? ITAT states that, the assessee was just general Power of Attorney holder with respect to the lands in dispute. This fact has not […]

No transfer u/s 2(47)(v) in absence of possession of land to JDA

November 28, 2019 2859 Views 0 comment Print

Since possession of land was not handed over to the Developer by assessee-society, therefore, there could not be any transfer within the meaning of section 2(47)(v) read with section 53A of Transfer of Property Act, 1882, even based on part performance of the contract. Accordingly. there was no liability of capital gain tax under section 50C.

Section 50C provisions cannot be applied for section 69B addition

August 20, 2019 7767 Views 0 comment Print

Gayatri Enterprise Vs ITO (Gujarat High Court) Provisions of Section 50C of the Income Tax Act cannot be applied for the purpose of making addition under section 69B of the Act. We fail to understand why section 50C of the Act has been brought into play having regard to the facts of the present case. […]

Section 45(3) AO cannot disturb value of consideration recorded in books of firm

August 19, 2019 7842 Views 0 comment Print

Provision of section 45(3) are exhaustive and does not confer any power on the AO to adopt consideration different from what is recorded in the books of account of the firm. Thus, AO was not correct in adopting the market value of land as revalued subsequently by the firm in the books of account.

Certain instances of tax planning in case of sale of house property

August 14, 2019 5031 Views 5 comments Print

The last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under great financial stress due to stalled projects. Even a normal home buyer is not in a profitable position due to declining property rates. The […]

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July 2024