Special provision for the full value of consideration in certain cases

When the evaluation received or accumulating as a result of the acquisition by an assessee of a capital asset, such as land or a building or both, is less than the value adopted, assessed, or assessable by any jurisdiction of a State Government (referred to as the "stamp valuation authority" in this section), for the purpose of paying stamp duty in respect of such transfer, for the purposes of Section 48, the value thus adopted, assessed, or assessable shall be understood to represent the entire value of the amount received or accumulating as a result of such transfer. Get 80g registration done for your NGO.

It is given that the value adopted, evaluated, or accessible by the stamp valuation authority on the date of the contract may be taken for purposes of calculating the full value of evaluation for such transfer where the dates of the contract fixing the amount to be considered and the date of enrollment for the transport of the capital asset are not the same.

Furthermore, the first proviso only applies if the whole amount of consideration, or a portion of it, was received on or before the date of the agreement for transport through the account payee bank draught, account payee check, or electronic clearing system through a bank account.

For the requirements of section 48, the evaluation received or accumulating as a result of the transport shall be deemed to be the full value of the evaluation where the value adopted, assessed, or available and accessible by the stamp pricing authority does not exceed one hundred and five percent of the evaluation received or accruing as a result of the transfer.

Your NGO can be registered under section 12a of the income tax act.

Without limiting the terms of the aforementioned sub-section, where-

  (a) the assessed assets in front of any Evaluating Officer that the value adopted, assessed, or available and accessible by the stamp valuation authority pursuant to the aforementioned sub-section exceeds the fair price of the property as of the date of transfer;

 (b) No reference has been brought before any other authority, court, or the High Court about the value thus adopted, assessed, or quantifiable by the stamp valuation authority pursuant to the aforementioned subsection;

the Assessing Officer may ask a Value Officer to handle the capital asset's valuation. When such a reference is made, the provisions of some subsections must be modified as appropriate in order to apply to the reference, just as they must be modified in order to apply to amendments made by the Assessing Officer under section 16A, subsection (1) of that Act.

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