50C, Income Tax

[GYAN JAIN]

My client Sold Industrial Land for Rs 9.00 LAcs and the value assessee by registrar was rs 24.88 Lacs . In computing capital gain section 50c was not consider . what are the pros and cons of this default please advise me

Posts / Replies

[Surender Gupta]

Whether your case is assessed / reassessed and this transaction is noticed by the AO. If concealment of income is proved, maximum penalty is 300% u/s 271(1)(c) in addition to tax and interest.

[DEV KUMAR KOTHARI]

In case of any further proceedings you can contend that valuation made by the Stamp Authority was excessive, actual consideration accrued has already been disclosed. The difference between valuation of stamp authority and actual consideration is not any income accrued., In any case difference can was a in nature of gift to which 'capital gains' does not apply.