1. If the consideration for transfer of land or building or both is less than the value adopted or assessed or assessable by the authority of the State Govt. for registration of deed for the purpose of stamp duty, the value adopted or assessed or assessable by such authority shall be deemed as full consideration.
2. If the assessee claims that the value adopted or assessed or assessable by such authority is more than fair market value and such value has not been disputed in any appeal or no reference has been made to a court or the High Court, the Assessing Officer may refer it to the Valuation Officer to fix its value.
Meaning of the expression ‘Assessable’ The expression ‘assessable means the price which the stamp valuation authority would have adopted or assessed, if it were referred to such authority for the purposes of payment of stamp duty.
3. If the value adopted or assessed or assessable by the Valuation Officer is more than the value fixed by the authority as per (1) above, the value fixed as per (1) above shall be taken as full consideration.
Fair Market Value of a capital asset to be the full value of consideration in certain cases [Section 50D] [w.e.f. A.Y. 2013-14].
Where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertainable or cannot be determined, then, for the purpose of calculating income under the head capital gains, the fair market value of the said asset on the date of transfer shall be deemed to be the full value of consideration received or accruing as a result of such transfer.