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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 40218 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 13128 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 106647 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 72696 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 126216 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 8028 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 1382 Views 0 comment Print

Latest Judiciary

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 507 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 216 Views 0 comment Print

ITAT Mumbai Confirms Applicability of Section 50C for Short-Term Capital Gains on Land Transfer

Income Tax : ITAT Mumbai confirms ₹1.45 crore short-term capital gains addition under Section 50C for land transfer, rejecting the taxpayer's...

May 25, 2024 11424 Views 0 comment Print

No Section 56(2)(viib) Addition Required for Discrepancy of less than 10%

Income Tax : Discover the ITAT Delhi's ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendmen...

May 24, 2024 669 Views 0 comment Print

Core Issues of Property Ownership, Leasehold Rights & Sale Remain Unexamined: ITAT Directs Readjudication

Income Tax : In the case of Rajni Dua Vs ACIT, ITAT Delhi orders reassessment due to discrepancies in property ownership and leasehold rights. ...

May 23, 2024 294 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 12756 Views 0 comment Print

Section 50C not applies to Sale of right to property

November 15, 2018 2448 Views 0 comment Print

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 […]

S. 50C Addition without reference to Valuation Officer not justified

October 26, 2018 4257 Views 0 comment Print

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]

Land with no agricultural activities situated within 8 km. of local municipal limits is capital asset

October 26, 2018 12318 Views 0 comment Print

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 minimal requirement is […]

Deeming Fiction for Real Estate: Is It beyond Reality?

October 10, 2018 5141 Views 4 comments Print

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.

Section 50C does not Apply to Land treated as Stock-in-Trade

September 4, 2018 4605 Views 0 comment Print

Explore Amar Das’ ITAT case. Section 50C, capital gains clarified. Rs. 43,22,878 addition overturned. Get insights on tax implications.

No Penalty for addition due to deeming provisions of Section 50C

September 4, 2018 10635 Views 0 comment Print

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.

Section 50C not applies to transfer of booking rights and to right to purchase flats

August 29, 2018 1524 Views 0 comment Print

Baniara Engineers Pvt. 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 […]

Analysis of S. 50C of Income Tax Act, 1961

August 27, 2018 310642 Views 49 comments Print

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 land or building or both. For example if in the agreement for sale, the value of the flat is stated at Rs. 24 lacs but according to the stamp duty authorities the valuation of the flat is Rs. 34 lacs, then it will be considered that the flat has been sold for Rs. 34 lacs and capital gains will be computed on the basis of Rs. 34 lacs.

IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain

August 27, 2018 10017 Views 0 comment Print

Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the said property claiming real […]

Capital Gains on Income From Sale of Agricultural Land

August 26, 2018 258437 Views 41 comments Print

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.

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