Description:
Section 50Cis applicable when the capital asset transferred is land of building or both. If the apparent consideration is less than the value so adopted or the assessed by the State stamp valuation authority. The value so adopted for the purpose of payment of stamp duty shall be deemed to be the full value of consideration received or accruing as a result of such transfer.
Source:
1. www.tpcc.in.
2. The Tax Reference .Volume120. Issue No.2, 11 July 2011 Page No.28.
Our Comment:
The stamp duty value has to be taken as consideration if the consideration is received less than the valuations as per the State Govt. stamp duty rules.
