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of <h1>Stamp duty value deemed sale consideration for non-capital land/building transfers under Section 50C, with 110%/120% exceptions</h1> Where consideration for transfer of an asset (other than a capital asset) consisting of land or building is lower than the value adopted/assessed for stamp duty, that stamp duty value is deemed the full value of consideration for computing business/profession profits. If the stamp duty value does not exceed 110% of the actual consideration (120% for specified first-time residential allotments between 12 Nov 2020 and 30 Jun 2021 with consideration = Rs.2 crore), the actual consideration is used. Rules for valuation mirror provisions of section 50C; if agreement and registration dates differ, the stamp duty value as of the agreement date may be applied where non-cash payment was made on or before that date. Residential unit is narrowly defined.
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