- #Urban immovable property tax act 1958 pdf editor full
- #Urban immovable property tax act 1958 pdf editor registration
Substituted for the existing words “by any mode other than cash” by the Finance Act, 2018, with effect from.Substituted for the words “five” by Finance Act, 2020, with effect from.Inserted by Finance Act, 2018, with effect from.Inserted by Finance Act, 2013, with effect from.(4) The provisions of section 43CA(3) shall apply only in a case where the amount of consideration or a part thereof has been received on or before the date of agreement for transfer of the asset]
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#Urban immovable property tax act 1958 pdf editor registration
(3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in section 43CA(1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. (2) The provisions of section 50C(2) and (3) shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under section 43CA(1).
#Urban immovable property tax act 1958 pdf editor full
per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration.] (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing as a result of such transfer : [ SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION FOR TRANSFER OF ASSETS OTHER THAN CAPITAL ASSETS IN CERTAIN CASESĤ3CA. To extend the ambit of deeming fiction to such cases, where such assets are held as stock-in-trade, the Finance Act, 2013, with effect from (from assessment year 2014-15) has inserted section 43CA to cover sale of immovable property held as stock-in-trade.Īccording to section 43CA, if the consideration received by an assessee on transfer of immovable property is less than the stamp duty value, then, the value so adopted or assessed or assessable shall be deemed to be the full value of consideration for the purposes of computing income under the head “ Profits & Gains of Business or Profession”. The provision applied to land or building or both held as a capital asset by the assessee and not to cases, where such assets held as stock-in-trade. This provision was enacted to check the proliferation of black money in property transactions by deeming the value assessed or assessable by the Stamp Valuation Authority as the full value of consideration received/accrued on sale of a capital asset, being land or building or both. Section 50 was inserted by the Finance Act, 2002, with effect from under Chapter-IV of the Act, which deals with computation of capital gains arising from the sale of capital asset.
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The said section also provides that where the date of agreement fixing the value of consideration for transfer and the date of registration are not the same, the stamp duty value on the date of the agreement shall be taken (if the amount of consideration or a part thereof has been received by any mode other than cash on or before the date of agreement). 2014-15) which provides that where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer (also known as circle rate), then in that case circle rate shall be taken as full value of consideration for the purpose of computing profits and gains from transfer of such asset. Section 43CA inserted by the Finance Act, 2013, with effect from (i.e. Special Provisions For Full Value Of Consideration For Transfer Of Assets Other Than Capital Assets In Certain Cases