Discuss the relevant provisions of Income Tax Act, 1961 in respect of the following transactions: Mr. Aslam purchased a house property in Ajmer from Mr. Salim on 28.08.2020 for a consideration of ₹ 70 lakhs. The stamp du

As per section 50C of the Income-tax Act, 1961, the sale consideration in the hands of the seller will be the amount of the stamp duty value if it exceeds 110% of the actual sale consideration. In the given question, the actual sale price is ₹ 70 lakh, while the stamp duty value is ₹ 75 lakh which is less than 110% of the actual sale consideration (i.e. ₹ 77 lakh). Hence, the sale consideration in the hands of Mr. Salim shall be ₹ 70 lakh.