Section 43CA of Income Tax Act "Special provision for full value of consideration for transfer of assets other than capital assets in certain cases"
43CA. (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing as a result of such transfer:
Provided that where the value adopted or assessed or
assessable by the authority for the purpose of payment of
stamp duty does not exceed one hundred and 84[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 computing
profits and gains from transfer of such asset, be deemed to
be the full value of the consideration.
(2) The provisions of sub-section (2) and sub-section (3) of
section 50C shall, so far as may be, apply in relation to
determination of the value adopted or assessed or assessable
under sub-section (1).
(3) Where the date of agreement fixing the value of
consideration for transfer of the asset and the date of
registration of such transfer of asset are not the same, the
value referred to in sub-section (1) may be taken as the
value assessable by any authority of a State Government for
the purpose of payment of stamp duty in respect of such
transfer on the date of the agreement.
(4) The provisions of sub-section (3) 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 an
account payee bank draft or by use of electronic clearing
system through a bank account 85[or through such other
electronic mode as may be prescribed] on or before the date
of agreement for transfer of the asset.