5oC

flat sold to relative below SDV , will 50C apply ?

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  Sec. 56(2)(viib) and agreement to sale

The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. The assessee had filed his return of income for A.Y. 2016-17 on 01.02.2017 disclosing total income at Rs. Nil. During the year under review appellant had entered into Sathekhat with land owner for purchase of land for a consideration of Rs.. 1,85,00,000/-. Appellant have paid Rs. 1.00 crores against the said “Sathekhat” and balance amount of Rs. 85.00 lakhs to…

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  Introduction of land as capital contribution – Sec.45(3) – sec.43CA

Assessee is LLP engaged in the business of real estate in Maharashtra . The LLP is owner of the land having book value of 10 Cr and said land is shown as stock in trade . Assessee and other 3 parties have decided to form a partnership for development of project on the said land. Assessee will introduced the said land as capital contribution for it book value. Issues : 1. Whether there are any stamp duty implication for introducing the said land at book value as capital contribution in the Firm 2. Whether provisions of SEc. 43CA and Sec.…

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  purchase of sali land below stamp value

is it taxable if purchase of sali land is below the stamp value u/s 56(2)x

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  Stamp duty Value and Claim of Deduction U/Sec. 80IBA

As per provisions of Sec. 80IBA, the maximum value of the house to be constructed for being eligible for deduction  under this section for projects approved after 1.09.2019 shall be restricted to Rs. 45 lakhs as per Stamp duty Rates. Does this means developers can sale the units for any consideration more than 45 lakhs also till the stamp duty valuation is 45 lakhs. ? Whether tolarance limit of 10% as given in Sec. 43CA and 50C is applicable while considering stamp duty rates of the residential units for claiming deduction U/Sec.80IBA ? pl guide .

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  Capital Gain Deduction u/s 54F of I.T.Act 1961

For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’  contained in section 50C will be applicable   or the actual sale consideration value as specified in the sale deed will be applicable.

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