TaxTMI 
TaxTMI 
Applicability of Section 50C of Income Tax Act 1961
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....pplicability of Section 50C of Income Tax Act 1961<br> Query (Issue) Started By: - BSNL PUNJAB TELECOM CIRCLE Dated:- 30-10-2012 Last Reply Date:- 30-10-2012 Income Tax<br>Got 1 Reply<br>Income Tax<br....
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....>As assessee has entered into an agreement to sell his agricultural land to a builder in FY 2011-12. Immediately, after agreement to sell, the builder applied for CLU (conversion for land use) and the....
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.... land was approved for conversion into residential property. Now, at the time of registration of land, the Revenue authorities are insisting for registration of land as per applicable circle rates for....
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.... residential property instead of agricultural land. Therefore, the builder will get the land registered as per circle rates applicable for residential property, but actual consideration is being paid ....
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....as per rate decided for agricultural land. My query is whether in the hands of assessee, for the purpose of computation of capital gain, whether provision of Section 50C (Special Provision for full ....
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....value of consideration in certain cases) will be applicable or not. Reply By CA GOPALJI AGRAWAL: The Reply: You have to ensure whether the agreement was in writing, registered and what is the time g....
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....ap between the two events. If the facts are in favor, the it might hold good in test of appeal. Of course, the AO can take the stand of Section 50C.<br> Discussion Forum - Knowledge Sharing ....