Question ID :
44653
Section 50C
Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration.
This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value.
In such situation, he will offer capital gain tax based on actual value received.
But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration.
Please look into this and revert.
posted by
C P Ethirajan
on
May 24 2024 12:00AM