Question And Answer
Subject: 50C – sale of land reserved for public garden by municipal authorities
Querist: Adv. Rajesh R Sharma
Answered by:
Tags: ,
Date: March 16, 2023
Query asked by Adv. Rajesh R Sharma

– whether sale of agricultural land which is within the municipal limits reserved for public garden and sold below stamp duty ready reckoner price can be subjected to 50C . If not please give relevant case laws on the subject. I would be grateful for your guidance.

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Yes, the same is a capital asset and an immovable property. Provisions of section 50C of the Act would be atf the assessee is able to show that the sale value was less than stamp valutaion due to various circumstances , the Revenue cannot make addition merely on the basis of stamp valuation .

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