Sec 43CA of income tax applicablity

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..... Sec 43CA of income tax applicablity
Query (Issue) Started By: - Madhusudhan Vanteddu Dated:- 1-11-2014 Last Reply Date:- 14-1-2016 Income Tax
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Income Tax
Dear Sir I had applied for a site in Bangalore in the year 2006 and paid 60% amount to the builder by way of Demand Draft. There was an agreement between our Bank Employees Union who is a felicitator between the Builder .....

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..... and me. The builder issued me an allotment/ offer letter in tis effect The agreed rate was ₹ 560/- per sft. The builder got final permission from BMRDA on Oct 2014 and send me a letter stating that the plot is ready for registration and asked me to pay the balance amount of 40%. Further the builder is demanding an extra amount of ₹ 190/- per sft stating that the Govt of Karnataka has .....

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..... raised the guidance value as ₹ 750/-. The builder is stating that since new provisions of Sec 43CA is applicable to him and the IT dept will calculate his income at the guidance value [ i.e stamp value for registration]. Is it correct in his demand. Whether the sec 43CA [Sub section 1,2,3,4] can give any relief for me since there was an agreement before the increase of guidance value and .....

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..... I paid some amount by way of Demand draft. Please guide me Regards V madhusudhan. Reply By MARIAPPAN GOVINDARAJAN: The Reply: The value should be taken at the time of registration. The Act is irrespective of the agreement made between the parties. The property could not be registered below the guidance value.
Discussion Forum - Knowledge Sharing .....

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