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of <h1>Finance Bill 2020: Safe Harbour Limit for Property Valuation Increases from 5% to 10% u/ss 43CA, 50C, 56.</h1> The Finance Bill 2020 proposes to increase the safe harbour limit from 5% to 10% under sections 43CA, 50C, and 56 of the Income Tax Act. These sections deal with the valuation of immovable property for tax purposes, ensuring that if the consideration for property transfer is less than the value assessed by the stamp valuation authority, the assessed value is considered for tax calculations. The amendment aims to provide a higher margin for discrepancies between declared transaction values and assessed values, effective from April 1, 2021, applicable to the assessment year 2021-22 onwards.
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