Section 50C applies to transfers of tenancy rights in land or buildings because a capital asset may be held through any legally recognised mode, not only ownership. Differences between leasehold and tenancy interests may affect the nature or value of the transferred interest but do not, by themselves, remove the transfer from the stamp-valuation framework. Where the stamp-value adopted exceeds the claimed fair market value, section 50C(2) provides for examination of the statutory conditions for a valuation reference. The Assessing Officer must consider the taxpayer's claim and, where conditions are met, obtain a Departmental Valuation Officer's valuation before determining the full value of consideration after providing an opportunity of hearing.
Section 50C applies to transfers of tenancy rights in land or buildings because a capital asset may be held through any legally recognised mode, not only ownership. Differences between leasehold and tenancy interests may affect the nature or value of the transferred interest but do not, by themselves, remove the transfer from the stamp-valuation framework. Where the stamp-value adopted exceeds the claimed fair market value, section 50C(2) provides for examination of the statutory conditions for a valuation reference. The Assessing Officer must consider the taxpayer's claim and, where conditions are met, obtain a Departmental Valuation Officer's valuation before determining the full value of consideration after providing an opportunity of hearing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
