SECION 50C IS APPLICABLE TO HOUSING CO OPRATIVE

[advocatenitinsharma]

WEATHER SECTION 50C IS APPLICABLE TO A HOUSING CO OPRATIVE SOCIETY IF SOCIETY ALLOTED LAND TO THEIR MEMBER WITHOUT ANY OBJECT OF EARNING ANY PROFIT? PLEASE  GIVE YOUR VALUABLE OPENION.

[satyanveshi]

Yes it is applicable. As the section 50C speaks of transfer. transfer from one person to another person. Here in the case cited, the transfer is from coperative society to its member. both are distinct and separate persons as per incometax Act. Therefore, sec 50C is applicable.