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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 39171 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 12513 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 102111 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 71430 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 124080 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 1361 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 546 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 1710 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 2988 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 771 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 1455 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 12720 Views 0 comment Print

Transfer of property to daughter through sale deed cannot be treated as gift

November 8, 2017 4299 Views 0 comment Print

Assessee has contended that the impugned property had been transferred to her daughter as a gift and therefore charging Long Term Capital Gains applying provisions of Section 50C is bad in law. In its written submission on behalf of the assessee, the learned Authorised Representative of the assessee has contended that the intention of the […]

Section 50C applies even to Unregistered Transfer of Capital Assets

October 7, 2017 2472 Views 0 comment Print

Justices Akil Khureshi and Biren Vaishnav, in a recent ruling, held that section 50C of the Income Tax Act is applicable to a case where even a case where the document evidencing transfer of the capital asset has not been presented for registration

Deal cancellation compensation expense cannot be claimed from Capital Gain

October 6, 2017 5349 Views 0 comment Print

Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property

Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F

September 28, 2017 4701 Views 0 comment Print

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.

Section 50C not applicable on sale of rights in property through POA without stamp valuation

September 11, 2017 4218 Views 0 comment Print

Assessee entered into a purchase agreement for purchase of a land and later transferred all the rights acquired under the power of attorney for certain consideration, AO applied section 50C and enhanced short-term capital gains of assessee which was not justified since section 50C was not applicable in this scenario as there was no stamp valuation.

Section 50C cannot be applied if valuation difference is less than 10%

July 27, 2017 8013 Views 0 comment Print

A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee

Deduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C

July 25, 2017 2499 Views 0 comment Print

In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law as specified Section 54EC of […]

ITAT cannot allow AO to cover up the deficiency in its case

June 15, 2017 1809 Views 0 comment Print

it is a very settled position that the power of ITAT in setting aside cannot be exercised so as to allow Assessing Officer to cover up the deficiency in its case.

Full value of consideration used in section 48 does not have reference to market value

May 28, 2017 5916 Views 0 comment Print

Reference to DVO for determination of market value for the purpose of computation of capital gains under section 48 would be wholly redundant since main thrust of section 48 is the full value of consideration received or accruing as a result of transfer of capital asset and not the fair market value thereof.

Section 50C not applicable if sale transaction is not registered with stamp value authorities

May 24, 2017 3231 Views 1 comment Print

Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp […]

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