Section 43CA
Special provision for full value of consideration for transfer of assets other than capital assets in certain cases. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
1(1) Where the consideration received or accruing as a result of the transfer by
an assessee of an asset (other than a capital asset), being land or building or both, is less than the value
adopted or assessed or assessable by any authority of a State Government for the purpose of payment of
stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the
purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the
consideration received or accruing as a result of such transfer.
2 Provided that where the value adopted or assessed or assessable by the authority for the purpose of payment of stamp duty does not exceed one hundred and five per cent. of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration.
(2) The provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1).
(3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section (1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. (4) The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received 3 by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account on or before the date of agreement for transfer of the asset.
2 Provided that where the value adopted or assessed or assessable by the authority for the purpose of payment of stamp duty does not exceed one hundred and five per cent. of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration.
(2) The provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1).
(3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section (1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. (4) The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received 3 by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account on or before the date of agreement for transfer of the asset.
Notes
1. Ins. by Act 17 of 2013, s. 10 (w.e.f. 1-4-2014).
2. Ins. by Act 13 of 2018, s. 14 (w.e.f. 1-4-2019).
3. Subs. by s. 14, ibid., for “by any mode other than cash” (w.e.f. 1-4-2019).
2. Ins. by Act 13 of 2018, s. 14 (w.e.f. 1-4-2019).
3. Subs. by s. 14, ibid., for “by any mode other than cash” (w.e.f. 1-4-2019).