Similarly, a taxpayer is required to maintain the homehold with a home loan for a minimum of five years, otherwise section 80 C tax deductions will be cancelled for repayment of the principal amount of the home loan during the home transfer year. It also takes into account the actual date of the transfer and not the date of execution/registration of the contract. The question of the sale is determined at the time of the conclusion of a sale agreement, when there are sometimes significant deficiencies in the agreement of a transaction (i.e. a sale agreement) and the actual execution of the transaction (i.e. in terms of sale), and the value at the time of execution is the sales figure that is recognized in Section 50C for the calculation of capital gain, relevant to the calculation of stamp duty for the registration of sales. Therefore, the comparison between the value by state of sale and the value according to the valuation of stamp duty no longer has a rational basis, as these two values represent the values at two different times. According to consistent case law, the value at the date of the sale contract for the determination of the heritage FMV according to denerMa 50C (2) is to be considered for the determination of the heritage FMV. The Hon`ble Tribunal found that the report of the above decision had also been respected in the case of Kodura Satya Srinivas ITA 556/559 of 02.07.2010 and Mooki Rani Reddy 311A/isaka of 10.12.2010. That no decision to the contrary was made to his knowledge and that the notator`s appeal was therefore accepted.
It should be noted that the agreement does not result in a transfer of ownership simply because the full consideration has not been received. There may be different other conditions that can be imposed on buyers and sellers to make the sale complete. If the seller agrees to treat all or part of the sale consideration as a loan to the buyer and not fulfill other conditions, the date of the agreement and registration will be followed by a delivery date and other consequences. In other words, the validity of an unregant agreement was not denied to provide proof of the benefit that such a contract was obtained. But to protect the property, the unregified contract could not be applied. The „transmission“ within the meaning of Section 2(47) would be completed if the property is protected. 5.The above argument of the assessed company had been duly considered by the A.O., but was not considered acceptable. The A.O. referred to the provisions of Section 50C of the Act and found that it is clear from the clear reading of these provisions that it is intended to determine the full value of the consideration in particular cases for the purposes of calculating the capital gain u/s.48 of the Act. This capital gain u/s.45 occurs only at the time of the transfer of an asset of the capital, so that the u/s.50C (2) valuation of the Act was to take place at the time when the asset in question had actually been transferred within the meaning of Section 2(47) of the Act.