Section 50C of ITA, 1961 : Section 50C: Special Provision For Full Value Of Consideration In Certain Cases

Explanation using Example

Example Application of Section 50C of The Income-tax Act, 1961:

Mr. Sharma decides to sell his apartment to Mr. Gupta for Rs. 50 lakhs. They agree on the price and proceed with the sale. However, when Mr. Sharma goes to pay the stamp duty, the Stamp Valuation Authority of the state government assesses the value of the apartment at Rs. 60 lakhs, which is higher than the sale price.

According to Section 50C of the Income-tax Act, for the purpose of calculating capital gains tax, the value assessed by the Stamp Val...

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