Dear All.
Mr. X had Purchased residential property in 1995. and paid full value of consideration at that time. But due to some reason he had not made sale deed for the same and the property is aquired on 'Kabja Receipt'. He had receipt of all the payments made to the builder at thet time. Now he wants to make sale deed for the same. But Stampduty Value of the same property U/s 50-C is much high now. So is thare any Capital Gain on above?The builder asking of txa on the same from Mr.X.
This is the only property Mr. X own.
Buyer Not Liable for Capital Gains Tax Under Section 50-C on 1995 Property Purchase via Kabja Receipt Mr. X purchased a residential property in 1995, paying the full amount but without executing a sale deed, acquiring it through a 'Kabja Receipt.' Now, he wishes to formalize the sale deed, but the property's current stamp duty value under Section 50-C is significantly higher. A query was raised about potential capital gains tax implications. The response clarified that Section 50-C does not apply to Mr. X as a buyer, as there is no undisclosed investment. The builder, trading in properties, should not demand extra money, as his income is considered business income, not capital gains. An alternative is registering a declaration of ownership. (AI Summary)
TaxTMI 
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TaxTMI 
