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What is Special provision for full value of consideration in certain cases? Section 50C of Income Tax Act 1961

Special provision for full value of consideration in certain cases is defined under section 50C of Income Tax Act 1961. Provisions under this Section are:

Section 50C of Income Tax Act "Special provision for full value of consideration in certain cases"

Section 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.

 

(2) Without prejudice to the provisions of sub-section (1), where-

(a) the assessee claims before any Assessing Officer that the value adopted or assessed or assessable by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer;

(b) the value so adopted or assessed or assessable by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, court or the High Court,

the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act.

Explanation 1.-For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).

Explanation 2.-For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.

(3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed or assessable by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer.

Income Tax Act 1961

What is Capital gains? Section 45 of Income Tax Act 1961

What is Capital gains on distribution of assets by companies in liquidation? What is Capital gains on purchase by company of its own shares or other specified securities? Section 46 and 46a of Income Tax Act 1961

What are the Transactions not regarded as transfer? Section 47 of Income Tax Act 1961

What is Withdrawal of exemption in certain cases? Section 47A of Income Tax Act 1961

What is Mode of computation? Section 48 of Income Tax Act 1961

What is Cost with reference to certain modes of acquisition? Section 49 of Income Tax Act 1961

What is Special provision for computation of capital gains in case of depreciable assets? Section 50 of Income Tax Act 1961

What is Special provision for cost of acquisition in case of depreciable asset? What is Special provision for computation of capital gains in case of slump sale? Section 50A and 50B of Income Tax Act 1961

What is Special provision for full value of consideration in certain cases? Section 50C of Income Tax Act 1961

What is Fair market value deemed to be full value of consideration in certain cases Advance money received? Section 50D and 51 of Income Tax Act 1961

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