income taxsec 50C

manoj (Querist) 23 September 2009 This query is : Resolved
whether value adopted by State Government for the purpose of payment of stamp duty in respect of transfer of immovable property by lessor durng lease period can be adopted for the purposes of section 48 as deemed to be the full value of the consideration received or accruing as a result of such transfer ?
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A V Vishal (Expert) 23 September 2009
Yesriven

manoj (Querist) 23 September 2009
Notified values for the purpose of stamp duty is for free hold properties and lease hold properties cannot carry same value as that of free hold properties. Certainly, same value of freee hold property cannot be pasted to lease hold property. Hence, the deemed consideration for lease hold property cannot be adopted as per the notification for free hold properties.riven