Applicability of section 50-C

[cpkunte]

If a property is sold to a trust who is eligible for exemption from stamp duty, at the time of transfer of possession no documents were registered i.e. in f.y.2004-05,assessee offered tax as per possession letter  in f.y. 2006-07sale deed was executed, no where the market value of the property is mentioned, can AO derive the market value on the basis of other fees charged 

[sivaiah G]

in the recently announced budget, there was an amendment proposed with regard to Sec. 50C. only to plug the loopholes and stop the revenue leakeges, it is proposed to extend 50C to the payable transactions. I am not sure whether the said amendment is prospective or retrospective. If  it is retrospective, nobody can save the assessee in the given problem. If it is prospective and proved that the said amendment is not clarificatory in nature then there is a possibility. Look for the exact wording and go ahead cautiously.