50C. [ Special provision for full value of consideration in certain cases. [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).]
(1)Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted ] [ Inserted by Act 21 of 1998, Section 23 (w.r.e.f. 1.4.1998).][or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).] [or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.[Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer:Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a [bank account or through such other electronic mode as may be prescribed] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).], on or before the date of the agreement for transfer.][Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and five per cent. of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration.] [Inserted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.](2)Without prejudice to the provisions of sub-section (1), where-(a)the assessee claims before any Assessing Officer that the value adopted] [or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][or assessed or assessable by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).](b)the value so adopted ][or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][or assessed or assessable by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, Court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16-A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23-A, sub-section (5) of section 24, section 34-AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16-A of that Act.] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).][Explanation 1] [ Explanation renumbered by as Explanation 1 thereof and Explanation 2 inserted by Act 33 of 2009, Section 25 (w.e.f. 1.4.2009).][.-For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).][Explanation 2. - For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.] [Explanation renumbered by as Explanation 1 thereof and Explanation 2 inserted by Act 33 of 2009, Section 25 (w.e.f. 1.4.2009).](3)[ Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted ] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).][or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][by the stamp valuation authority referred to in sub-section (1), the value so adopted ] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).] [or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer.] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).],
