Land was purchased in the name of the assessee and her husband. The assessee and co-owner gave development rights to the partnership firm in which she was a partner. The Assessing Officer applied Section 50C, determining a notional value based on jantri rates. Based on the submissions, ITAT held that, the land actually belonged to the partnership firm, with the assessee merely acting as a name-lender. Hence, no short-term capital gains were chargeable in the hands of the assessee because she acted only as a name-lender for the partnership firm. Applicability of S. 50C failed since it was not applicable as there was no actual transfer of land or building, but only a notional assignment of development rights.(AY. 2012 -13 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains – Full value of consideration \u2013 Valuation for the purposes of Stamp Duty \u2013Development rights – Assessee holding the land title in her name only for technical purposes \u2013 development rights of the land transferred to the partnership firm where assessee was a partner \u2013.Assignment of development rights provision is not applicable . [ S. 45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-54483","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eaL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=54483"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54483\/revisions"}],"predecessor-version":[{"id":54484,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54483\/revisions\/54484"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=54483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=54483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}