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Q. > Please Help: Capital gain
Agreement for sale of property is made in month of march2013 & sale is made in the month of may 2013 , but the market value as per agreement date & sale date differs , Assesse has taken market value as per agreement date & on same capital gain is shown in his I.T.Return .But the Assessing officer not agreeing .
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sandeep Kaushik
22-May-2015 , 07:11:13 pm1.As per sec.2(47) of I.tax act, T/f takes place on the date on which possession of immovable property is given in pursuance of agreement to sell. 2.As per sec. 48 the Cap.gains are to be computed by taking the "SALES CONSIDERATION RECIVED OR ACCRUING TO ASSESSEE". therefore the actual S.P shall be taken and A.O cannot take the fair mkt. vale of asset to be the S.Price. 3.As per Sec.50C if Capital asset T/f being Land or building or both and selling price is less than Stamp duty value then Stamp duty value be deemed full value of consideration for Cap. Gain purpose. It seems that in your case immovable property is t/f,so FMV cannot be taken by A.O. only actual S.P or Stamp duty value on the date of agreement to sale (As the case may be) can be took by A.O for the Cap. Gain computation. In your case Assessee and A.O both are incorrect...