As per section 50C of income tax act, if the consideration receivable on transfer of land and building is lower than the stamp duty value than such stamp duty value is to be considered as consideration for calculation of capital gain.
As per section 11(1A) of the act, if any capital asset is sold by the society than capital gain is taxable in the hands of socity provided that the net consideration on transfer of such asset is not invested in procurement of another asset.
Now the question is to take stamp duty value for calculation of capital gain in case of society or not?
Rahul Gupta