Query regarding section 50C & 56(2)(vii)

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  1. jithendar

    jithendar New Member

    I purchased an agricultural land in Jan 2014 for which the market value is too low than the guideline value. We got our land registered in Jan 2014. Is tax applicable on that property transaction as per sec 50C???
    I've read that the amendment comes into force from Apr 2014 whereas I purchased the land in Jan 2014.

    Land area = 3.24 acres
    Land type = Agri land
    Market value = 65 lakhs
    Guideline value = 2.12 crores

    These are the land details, now I would like to know whether tax is applicable according to sec 50C & 56(2)(vii) of IT act of capital gain as per my registration date. kindly help me out with this.
  2. Rahul

    Rahul Active Member

    Amendments , by Finance Act 2013, will impact the transactions of FY 2013-14
    So no tax would be levied in the hands of the buyer , however the seller would still be liable to pay tax on the circle rate which will be considered to be the sale price and taxable under the head capital gain.
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