Land and building transfers: stamp duty value deemed as sale consideration when declared consideration is lower.

If consideration for transfer of land or building (non-capital asset) is lower than the stamp duty value adopted by a State authority, that stamp duty value is deemed to be the full value of consideration for computing transfer profits. The provision applies existing valuation adjustment procedures. If agreement and registration dates differ, the stamp duty value on the agreement date may be used where consideration or part of it was received by non-cash means on or before the agreement date.

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