Lease or Tenancy Right Not Covered u/s 50C of Capital Gains


Lease_or_tenancyLease or tenancy right transfer do give rise to capital gains and therefore , it is routine for assessing officer to apply Section 50C of the Income Tax Act for computation of capital gains by taking value taken for payment of stamp duty on immovable property  has become a bone of contention between Income Tax Department and taxpayers. The Assessing Officers uses this section by extending the meaning of transfer of land or building for the purpose of capital gains . They are not alone, because there is opinion difference between even different benches of Income tax Appellate Tribunal. The main issue , in this article is “whether section 50C applies to transfer of right in land or building for computation of capital gains ?”

This content is for annual members only.

Log In Register

Comments are closed.