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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 41523 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 13962 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 113580 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 74178 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 128844 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 8040 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 3573 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 1394 Views 0 comment Print

Latest Judiciary

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 378 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 198 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 525 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

TPO fails to Apply Industry Filter while Determining ALP of Interest: ITAT Deletes addition

Income Tax : ITAT Delhi dismisses DCIT's appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting ...

May 31, 2024 252 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 12879 Views 0 comment Print

Pre-Budget Memorandum 2019- A Small Wish List From New Finance Minister

July 2, 2019 3327 Views 1 comment Print

Union Budget 2019 – New Finance Minister Smt. Nirmala Sitharaman’s first budget after the huge and unprecedented electoral win of Sh. Narendra Modi Government has the backing of a mammoth public mandate and as such is expected to be a reform oriented budget and not a populist one. However, along with the bold and reform […]

Brokerage paid by purchaser cannot be taken into account for Section 50C

June 26, 2019 11661 Views 1 comment Print

Since the market value of immovable property sold by assessee had to be Rs.2,60,05,348/- and the purchase consideration together with costs towards obtaining vacant property should stand at Rs.2,26,00,000/-, therefore, the long term capital gain would be Rs.34,05,348/- as per section 50C and the brokerage costs incurred on sale consideration by the purchaser could not be taken into account for the purposes of Section 50C.

Section 50C(2) shall be invoked if adoption of stamp duty valuation is objected

June 21, 2019 1245 Views 0 comment Print

Where the assessee objects to the adoption of stamp duty valuation as deemed sale consideration during the assessment proceedings, the Assessing Officer is duty bound to make a reference to the DVO.

6 Suggestions for Amendments in Income Tax Act by BCAS

May 28, 2019 8040 Views 2 comments Print

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.

FMV of capital asset can be determined only after hearing objections of assessee

April 25, 2019 3120 Views 0 comment Print

Since a bare reading of scheme of Section 50C would show that assessee could object to presumptive value as per Section 50C (1) and, therefore, it was only after hearing the objections of assessee, the fair market value of capital asset as per ‘Guidance Value’ could be determined by authorities, therefore, the matter was remitted back to Assessing Authority to decide both the questions about the valuation of the property to be taken while dealing with the objections of the assessee against the Report of Departmental Valuation Officer as well as the presumptive value under Section 50C and then compute ‘Fair Market Value’ under Section 48.

Section 50C cannot be avoided merely for sufficiency of exemption u/s 54EC

April 21, 2019 2943 Views 0 comment Print

While giving full effect to the deeming fiction contained under section 50C of the Act for the purpose of computation of the capital gain under section 48, for which section 50C is specifically enacted, the automatic fallout thereof would be that the computation of the assessee’s capital gain and consequently the computation of exemption under section 54EC, shall have to be worked out on the basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C of the Act.

Section 50C cannot be invoked if sale has not taken place

April 5, 2019 1686 Views 0 comment Print

Shri Vinod Kumar Chugh Vs ITO (ITAT Delhi) Conclusion: Section 50C could be invoked only when sale had taken place during the year. As the sale of vacant plot by assessee stood completed in the year 1991, there was no question of invoking the provision of section 50C for taxing the long term capital gains. […]

Deeming section 50 cannot be extended to restrict deduction u/s 54F

April 5, 2019 2541 Views 0 comment Print

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45  and  section 50 was a deemed provision, therefore, its […]

Assessee entitled to challenge correctness of DVO’s valuation before CIT(A)

April 1, 2019 5223 Views 0 comment Print

Section 50C is a deeming provision and Assessing Officer is obliged to compute capital gains by taking valuation arrived at by DVO in place of the actual consideration received by assessee,  assessee is entitled to challenge correctness of DVO’s valuation before CIT(A) and ITAT. DVO has to be given an opportunity of hearing

In case of Encumbered Property, Stamp Duty value cannot be adopted as Sale Value

March 23, 2019 5961 Views 0 comment Print

Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C.

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