SPECIAL PROVISION FOR PERSONS ENGAGED IN SALE/PURCHASE OF LAND OR BUILDING
Section 43CA SPECIAL PROVISION FOR PERSONS ENGAGED IN SALE/PURCHASE OF LAND OR BUILDING
Section 43CA -Applicability
• This provision applies to persons who are engaged in the business of sale/purchase of land or building. In other words, this provision applies to a property dealer for whom land or building forms part of stock-in-trade.
• If any land or building is sold by the property dealer and the sale consideration is .less than the SDV of such land or building, in such cases the SDV shall be deemed to be the sale consideration. In other words, in case of property dealers, sale price to be credited to P&L A/c shall be higher of the following:
❑ Stamp Duty Value of land/building; or
❑
Actual amount for which
land/building has been
transferred
Special Provision for Agreement to Sell Land/
Building
• This provision applies in case of agreement to sell land or building.
• If SDV of land/building as on the date of booking is less than the 5DV of land/building as on the date of registration, the SDV as on the date of booking can be taken provided the booking amount has been received otherwise than in cash.
|
S.No |
Actual
Consideration |
SDV on the Date of Booking/Agreement |
SDV on
the Date of Registration |
Sale
Value u/s 43CA |
|
1. |
Rs 200
lakhs |
Rs 250 lakhs (Booking amount of Rs
50 lakhs received by cheque
on 31/7/2017) |
Rs 300 lakhs
(1/3/2018) |
Rs 250
lakhs |
|
2. |
Rs 200
lakhs |
Rs 250 lakhs (Booking amount of Rs
50 lakhs received in
cash on 31/7/2017) |
Rs 300 lakhs
(1/3/2018) |
Rs 300
lakhs |
|
3. |
Rs 200
lakhs |
Rs 250 lakhs (31/7/2017) |
Rs 300
lakhs (Full amount received on the date of registration) |
Rs 300
lakhs |
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