Tax alert: Provision deeming stamp duty value as full value of consideration not applicable on contribution of immovable property by partner to a firm has been saved
Article
Tax alert: Provision deeming stamp duty value as full value of consideration not applicable on contribution of immovable property by partner to a firm
5 February 2024
The Ahmedabad bench of the Income-tax Appellate tribunal (ITAT) has
rendered its decision that capital asset transferred by a partner to a firm as
its capital contribution, cannot be brought to tax under the deeming provisions
of section 50C of the Income-tax Act 1961 (ITA) and accordingly, the
consideration should be determined as per specific provision provided under
section 45(3) of the ITA.
