(Un)charted territory of section 50C!
Legislature had introduced section 50C under the Income Tax Act, 1961 by the Finance Act, 2002 making it applicable with effect from 1.4.2003. Section 50C prescribes deeming provision to substitute value of sale consideration in certain situation, in the case of sale/transfer of land or Building or both held in the nature of ‘capital asset’. This provision is
relevant for all the assessees who are selling or transferring land and/or building held in the nature of ‘capital asset’.
