Taxpayer Loses Capital Gains Benefit as Property Valuation Exceeds 10% Tolerance u/s 50C(1) of Income Tax Act.

Taxpayer Loses Capital Gains Benefit as Property Valuation Exceeds 10% Tolerance u/s 50C(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=61302 Capital gain - value determined by the DVO - entitled for the benefit of proviso to section 50C(1) - Regarding two properties, there is a difference of 14.77% and 14.58% between the value declared by assessee and the fair market value determined by DVO which is beyond the maximum tolerance band of 10% as per the proviso to section 50C(1) of the Act. Therefore, the benefit of said proviso cannot be extended to the assessee- AT en-us Thu, 06 Jan 2022 10:59:35 +0530 Thu, 06 Jan 2022 10:59:35 +0530 TaxTMI RSS Generator Taxpayer Loses Capital Gains Benefit as Property Valuation Exceeds 10% Tolerance u/s 50C(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=61302 Capital gain - value determined by the DVO - entitled for the benefit of proviso to section 50C(1) - Regarding two properties, there is a difference of 14.77% and 14.58% between the value declared by assessee and the fair market value determined by DVO which is beyond the maximum tolerance band of 10% as per the proviso to section 50C(1) of the Act. Therefore, the benefit of said proviso cannot be extended to the assessee- AT Highlights Income Tax Thu, 06 Jan 2022 10:59:35 +0530 https://www.taxtmi.com/highlights?id=61302