Search Results For: 50C


QUERY: An agriculturist sold his agriculture land to an infrastructure company for the commercial project after obtaining permission from the Collector under section 63 of the Bombay Agriculture & Tenancy Act. The sale deed was executed for agriculture land as per jantri value mentioning order number of Collector. One of the conditions of the order was that the stamp duty would be payable as per N.A land. Now the assessee has executed sale deed for agriculture land as per jantri value. The Assessing Officer has passed the order making addition of difference value of Rs. 90/- lakh as per non agriculture under section 50(C); though the assessee has executed sale deed for agriculture land. Whether action of Assessing Officer is right?
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S. 50C is clear that this section is applicable to all kinds of land, whether agricultural [other than land situated in area stated in clause (iii) of section 2(14)] or non- agricultural. Therefore, action of the Assessing Officer is right in making addition of difference in value of land as per stamp duty value over Jantri value.

QUERY: Does section 50C applicable to a gift of a flat to a non-relative? What would be implication under section. 50C as well as section 56(2)(vii) if such gift is revoked afterwards?
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A gift to non relative would attract section 56(2) and would be assessed in the hands of the recipient. In such case section 50C would not be attracted. Section 50C would be attracted when there is transfer of capital assets

QUERY: A flat was sold. The AO adopted stamp duty value. The assessee invested full stamp duty value in another flat. Whether the assessee is entitled for deduction under section 54F?
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QUERY: X purchased a vacant site (2400 sft) of rural area of Andhra Pradesh for Rs. 10,000/- in the financial year 1995-96 and paid Stamp Duty as per above consideration. Now X wants to sell it to Y for Rs. 2,00,000/- i.e. actual consideration. But Stamp Duty has to pay for Rs. 16,00,000 i.e. reckoner value of Rs. 16,00,000/-. What steps X and Y should take?
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Section 50C(1) if the Act provides that in case where the value adopted or assessed by the stamp valuation authority in respect of a transfer of land or building or both for the purpose of payment of stamp duty exceeds the consideration received or accrued by the assessee for such transfer, the value so adopted or assessed shall be deemed to be the full value of the consideration received or accruing for such transfer.