Dear Seniors,
One of my client who is Income Tax assessee has sold tenancy rights of property for considration of Rs. 5Lakh.
When the agreement of sale of tenancy rights is made, amount enter in agreement as market value is Rs. 13 lakh, which is as per ready reckoner but ready reckoner only talks of market value in case of transfer of ownership.
AO want to take 13lakh as considration as per section 50C of IT act. inspite of 50C is not applicable in this case.
So my question is that how can i prove that price quoted in ready reckoner is for ownership transfer and not for tenancy rights.
Thanks in advance
