Section 50C

[Deepak Whorra]

If a Land and Building property is sold at a rate that is higher than the circle rate and the AO is still not accepting that, will Section 50C still apply ? If not then under which section can the Assesse claim his right

I believe that Section 50C, applies only if the sale value is below the circle rate as accepted by the Stamp Valuing Authority. Is this correct ?

AI Summary

Deeming under Section 50C: stamp valuation governs consideration when sale price is lower, AO needs concrete evidence otherwise.
Section 50C deems the stamp valuation authority's adopted value to be the consideration for capital gains when the recorded consideration is lower; the AO may seek a Valuation Officer report if the assessee claims a lower actual value, and if that officer's valuation exceeds the stamp value the stamp value is adopted. Where the assessee's computed sale value equals or exceeds the stamp valuation, Section 50C does not mandate an upward addition, and the AO needs concrete evidence of unaccounted consideration to make any adjustment.