• Registered Users :
  • 163131
  • Current Active Users :
  • 103546

Your Answer

Question ID : 44479

WHETHER 50C APPLICABLE

ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C.

Posted by Anwar Iqbal on May 08, 2023

Filed Under DIRECT TAXES