9911796707
| Discussions Forum | ||||
Home  Forum Income Tax This
A Public Forum.
Submit new Issue / Query
My Issues
My Replies
|
||||
50C, Income Tax |
||||
|
||||
50C |
||||
My client Sold Industrial Land for Rs 9.00 LAcs and the value assessee by registrar was rs 24.88 Lacs . In computing capital gain section 50c was not consider . what are the pros and cons of this default please advise me
Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Whether your case is assessed / reassessed and this transaction is noticed by the AO. If concealment of income is proved, maximum penalty is 300% u/s 271(1)(c) in addition to tax and interest.
In case of any further proceedings you can contend that valuation made by the Stamp Authority was excessive, actual consideration accrued has already been disclosed. The difference between valuation of stamp authority and actual consideration is not any income accrued., In any case difference can was a in nature of gift to which 'capital gains' does not apply.
Page: 1 Old Query - New Comments are closed. |
||||
