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Income Tax - Highlights / Catch Notes

Home Highlights March 2013 Year 2013 This

Sale consideration - sale of shops held as stock in trade - ...

Income Tax

March 7, 2013

Sale consideration - sale of shops held as stock in trade - Section 50C does not apply to the present case as it applies only to a case of capital gains - HC

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  1. Applicability of section 50C of the Income tax act on trading transaction of sale and purchase of land - Section 50C is not applicable during the relevant assessment year - HC

  2. Deduction u/s 54F - section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house.

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