Tips for House Property Buyers and Sellers, Section 43CA, Section 50C, Section 56(2)(x)

Tips for House Property Buyers and Sellers, Section 43CA, Section 50C, Section 56(2)(x)

Section 50C says that when an individual sells land or building or both at a consideration lower than the Stamp duty value adopted or assessable by authority, then the Stamp duty value adopted or assessable by authority of property would be deemed to be the sales consideration for computation of Capital Gain under section 48 of Income Tax Act, 1961.

section 50C attracts in the hands of Seller, Section 56(2)(x) of Income Tax Act, 1961 shall be attracted in the hands of Buyer. Section 56(2)(x) of Income Tax Act, 1961 provides that in case of immovable property received by any person as gift (without consideration) then if stamp duty value of such property exceeds fifty thousand rupees, then in such a case stamp duty value of such property shall be taxable in the hands of receiver.

Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with effect from A.Y. 2014-15) which provides that where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer (also known as circle rate), then in that case circle rate shall be taken as full value of consideration for the purpose of  computing profits and gains from transfer of such asset.

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[shashikumarjaiswar]

Very important and useful information
And you explained very nicely sirji
Keep it up 👍

[parenting]

What if it is an underconstruction property and price was fixed at time of allotment but agreement was registered 3 years later during which ready reckoner rates might have increased

[sachinsharma]

Sir buyers k liye April 2022 me kya update hai section 56(2)(x) me.