Insertion of new section 43CA - Special provision for full value of consideration for transfer of assests other than capital assests in certain cases

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..... Special provision for full value of consideration for transfer of assests other than capital assests in certain cases 43CA. (1) Where the consideration received or accruing as a result of the transfer by an assesse 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 .....

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..... of stamp duty in respect of such transfer on the date of the agreement. (4) The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received by any mode other than cash on or before the date of agreement for transfer of the asset. . - Clause 8 of the Bill seeks to insert a new section 43CA in the Income-tax Act to provide for a spe .....

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..... ion seeks to provide that the provisions of sub-section (2) and subsection (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1). The proposed sub-section (3) of the aforesaid section provides that where the date of agreement fixing the value of consideration for transfer of the asset and the date of regi .....

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