Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Where capital asset transfer involved land, the deeming fiction...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for exemption
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Where capital asset transfer involved land, the deeming fiction premised on stamp valuation operates when consideration is less than the value adopted or assessable for stamp purposes; a final stamp valuation determined by the Collector on court reference is 'assessable' and therefore substitutes as full value of consideration for computing capital gains under section 50C, here fixed at Rs.1,60,31,000. Separately, the Tribunal held that that deemed sale value under stamp valuation cannot be treated as net consideration for claiming exemption under the reinvestment provision for residential house acquisition; applying the impossibility principle, full exemption under the residential-reinvestment provision was allowed since actual net consideration was invested.
Where capital asset transfer involved land, the deeming fiction premised on stamp valuation operates when consideration is less than the value adopted or assessable for stamp purposes; a final stamp valuation determined by the Collector on court reference is 'assessable' and therefore substitutes as full value of consideration for computing capital gains under section 50C, here fixed at Rs.1,60,31,000. Separately, the Tribunal held that that deemed sale value under stamp valuation cannot be treated as net consideration for claiming exemption under the reinvestment provision for residential house acquisition; applying the impossibility principle, full exemption under the residential-reinvestment provision was allowed since actual net consideration was invested.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
