If you read sec 50c carefully it says stamp duty value or document value whichever is more. Thus in the present case u need to declare the receipt value of Rs 30 lacs as sale proceeds amount
Actual value of flat sale is more than stamp/registered value
Hi, I sold my flat last year in Hyderabad, and the sale/market value of the flat was more than the stamp value. For e.g. the payment I received is 30 lacs, where the stamp value is 20lacs. No where in sec 50c i can see this sort of a scenario, I've seen the vice versa case, but not this one. Do we need to report whichever is higher, or is it always the stamp value, irrespective if it is more or less. thanks
Asked 8 years ago in Capital Gains Tax
you have to offer to tax the capital gain based on higher of the two ie actual consideration or stamp duty value.
Thank you both. I was not sure where exactly it's mentioned in 50c, hence asked. I will take the higher value.
Asked 8 years ago
section 50 C reads
Where consideration for land or and building is less than stamp duty value then the stamp duty value will be considered as deeded consideration. By fiction of law stamp duty value becomes full value of consideration
Yes you can , sir sorry for giving delayed response
It is always higher. Report 30L for gain computation.
Ok, thank you sirs. In section 50c it's only mentioned if stamp duty is higher than actual value - "Where consideration for land or and building is less than stamp duty value then the stamp duty value will be considered as deeded consideration. " - but as per your advice I have taken 30 L for computing capital gains.
Asked 8 years ago
That is fine.
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