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of <h1>Amendment to Section 50C: 'Assessable' Clarified for Capital Asset Transfers in Finance (No. 2) Bill, 2009 Effective October 1.</h1> Clause 25 of the Finance (No. 2) Bill, 2009 proposes amendments to section 50C of the Income-tax Act, effective from October 1, 2009. The amendment changes the terminology from 'or assessed' to 'or assessed or assessable' throughout the section. Additionally, a new Explanation 2 is introduced to clarify that 'assessable' refers to the price the stamp valuation authority would adopt or assess for stamp duty purposes, regardless of other laws. This amendment addresses the valuation of capital asset transfers, specifically land or buildings, for tax purposes when the consideration is lower than the stamp duty valuation.
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