Section 50C & 50CA of the Income Tax Act

Section 50C

Section 50C & 50CA of the Income Tax Act Section 50C-Special Provision for Full Value of Consideration in Certain Cases With effect from A.Y. 2003-2004; section 50C has been inserted in the Income Tax Act, 1961; dealing specifically with gross consideration in the computation of capital gains in respect of transactions in land or building or both. 1) U/S 50C, where the consideration earned or accruing due to the transfer by the assessee of a capital asset; being land or building or both, is less than the value assessed or…

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