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DIRECT TAX REFRESHER COURSE BARODA BRACH OF WIRC OF ICAI

DIRECT TAX REFRESHER COURSE BARODA BRACH OF WIRC OF ICAI CAPITAL GAINS W.R.T. SECTION 50C OF THE INCOME TAX ACT,1961 ON JUNE 4, 2011 Speaker : CA. TARUN GHIA tarunghiaca@yahoo.co.in One can join by Email to : tarunghiadirtaxes-subscribe@yahoogroups.co.in 9821345687.

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DIRECT TAX REFRESHER COURSE BARODA BRACH OF WIRC OF ICAI

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  1. DIRECT TAX REFRESHER COURSE BARODA BRACH OF WIRC OF ICAI CAPITAL GAINS W.R.T. SECTION 50C OF THE INCOME TAX ACT,1961 ON JUNE 4, 2011 Speaker : CA. TARUN GHIA tarunghiaca@yahoo.co.in One can join by Email to : tarunghiadirtaxes-subscribe@yahoogroups.co.in 9821345687 CA. Tarun Ghia

  2. Charging provisions for capital gains Laws relating to transfer of immovable properties Transfer of a capital asset under I. Tax Act Transactions not regarded as transfer CA. Tarun Ghia

  3. Computational Provisions • Application of section 50C to computational provisions • Validity upheld • History and Background • Chapter XXA: 15 11 1972 to 30 09 1986 CA. Tarun Ghia

  4. XXA proceedings started after transfer • Acquisition of immovable property based on Fair Market Value • K. P. Varghese 131 ITR 597 (SC) • XXC : 01 10 1986 to 30 06 2002 • Pre-emptive right to purchase by Govt. in notified cities and towns CA. Tarun Ghia

  5. Based on monetary limits of apparent consideration • Limited application and was failing • Finance Act, 2002 introduced 50C w.e.f. 01 04 2003 • Simultaneously Chapter XXC made inoperative w.e.f. 01 07 2002 CA. Tarun Ghia

  6. Overlapping transactions   • Extends to entire country except J & K • Transactions in land and building or both • Held as capital assets CA. Tarun Ghia

  7. Consideration stated in instrument of transfer vis a vis value adopted and assessed or assessable by stamp duty authorities • “Assessable” inserted w.e.f. 01 10 2009 CA. Tarun Ghia

  8. Relief Provisions : Appeal, Revision or Reference before other authority or court Claim of lesser Fair Valuation before AO “May” refer to Departmental Valuation Officer • Valuation Proceedings • Valuation Report CA. Tarun Ghia

  9. Value determined: Higher/ Lower • Valuation Report received after completion of assessment • Coverage of term “land or building or both” : • Flats, shops, galas and other such units CA. Tarun Ghia

  10. For builders and developers • Stamp duty paid by Purchaser : Locus of Vendor • Can sec. 50C be applied to purchaser ? • Section 50C vis a vis sections : 45(2), 45(3), 45(4), 50, 50B CA. Tarun Ghia

  11. THANK YOU CA. TARUN GHIA tarunghiaca@yahoo.co.in One can join by Email to : tarunghiadirtaxes-subscribe@yahoogroups.co.in 9821345687 CA. Tarun Ghia

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