https://www.taxtmi.com/article/detailed?id=1020 Section 50C applies only to computation of capital gains in the hands of the seller by deeming stamp duty valuation as consideration; it does not determine the purchaser's cost. An assessing officer cannot add assessed income against a buyer merely because stamp authorities valued the property higher; additions require independent evidence that the buyer paid excess consideration. Tribunal authorities have deleted such additions where no factual proof of undisclosed payment was produced. Amendments to rules on gifts under Section 56 do not permit taxation of buyers solely based on higher stamp valuations. en-us Thu, 18 Nov 2010 00:00:00 +0530 Thu, 18 Nov 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1020 Section 50C applies only to computation of capital gains in the hands of the seller by deeming stamp duty valuation as consideration; it does not determine the purchaser's cost. An assessing officer cannot add assessed income against a buyer merely because stamp authorities valued the property higher; additions require independent evidence that the buyer paid excess consideration. Tribunal authorities have deleted such additions where no factual proof of undisclosed payment was produced. Amendments to rules on gifts under Section 56 do not permit taxation of buyers solely based on higher stamp valuations. Articles Income Tax Thu, 18 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=1020