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Author Topic: Registration of property  (Read 365 times)

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Offline Kumarcwc

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Registration of property
« on: May 03, 2018, 05:13:36 AM »
Hello, I want advice on property registration. I have flat of 900 super built up area in Patna which I want to sell for Rs 27 lakhs. A buyer has agreed and an agreement has been made accordingly. However as per valuation the value of a property of 900 sq feet in my area is Rs 36 lakhs. Now the buyer wants to register the sale deed at Rs 36 lakhs. As payments will be made to my bank account, what will be the legal aspects and tax problems as payment amount will be Rs 27 lakhs,and I shall have to pay income tax accordingly. Please advice on the course of action to be taken. Thank you

Offline advjaibansal

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Re: Registration of property
« Reply #1 on: May 05, 2018, 04:00:23 AM »
Dear Sir,

AS per circle rate the value of property is 36 lacs. for which the buyer has to pay the stamp duty as per circle rate. Its not necessary that the buyer should pay you 36 lacs as consideration amount for the property. The property may be sold at 27 lacs but the circle rate for the purpose of payment of stamp duty shall remain as 36 lacs.

This will sole your tax problem I think. Income tax department will not ask why you have sole the property for 27 lacs.

jai bansal
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Supreme Court of India
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