| Question And Answer | |
|---|---|
| Subject: | 50C and 45(5A) |
| Category: | Income-Tax |
| Querist: | Prakash Kulkarni |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | agreement with developer, HUF |
| Date: | October 8, 2022 |
In case of assessee, who is HUF and owner of land has executed the specified agreement with the developers for development of land in the FY 2019-20. on the obtaining of the completion certificate of the project it is noticed that Stamp duty value of developed structure is higher than fair market value. In this situation whether there is any impact of section 50C also.
pl guide
Section 45(5A) of the Income-tax Act, 1961 is a deeming provision and hence has to be interpreted strictly. The said provision does not invoke section 50C of the Act, therefore, section 50C of the Act will not come into play.
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