Both assessees, as co-owners, jointly purchased a residential flat. The registration of the said flat was completed on 01.09.2017. The declared value of the property was Rs.2,71,11,500/-, whereas the stamp duty valuation, as determined by the stamp duty authorities, stood at Rs.2,88,91,540/-. Consequently, the difference amounted to Rs.17,80,040/-. The assessee is entitled to the benefit of the tolerance limit of 6.56%. Specifically, the question is whether this tolerance limit applies to both assesses. (AY. 2018-19) (ITA No 84/M/2025 dated 21/03/2025.)
Saggar Parimmal. ITO (Mum)(Trib) (UR) Ketan Kumar Sagar v. ITO (Mum) (Trib) (UR)
S. 50C : Capital gains-Full value of consideration-Special provision for computation of full value consideration (Amendment)-difference between sale consideration and stamp duty-Stamp Duty Value of the Property purchase and Purchase consideration is less than the tolerance band of 10%-Provisions of Section 56(2)(x)-The assessee is entitled to the benefit of the tolerance limit of 6.56%.. [S. 56(2)(x)]
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