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Question : 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
Subject : Registration of property
Answer By : PAVANANJAYA Central, Dakshina Kannada
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Answer By : PAVANANJAYA Central, Dakshina Kannada
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Answer By : PAVANANJAYA Central, Dakshina Kannada
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Yes you have to pay income tax on 36 lakhs you shoud avaid that you can do sale deed 27 lakhs ok
Answer By : rajendra Nath dikshit North, Gurgaon
You can get it registered for 27 lacs but you have to pay stamp duty on 36.00 lacs i.e. as per circle rate.
You can get it registered for 27 lacs but you have to pay stamp duty on 36.00 lacs i.e. as per circle rate.
Answer By : Adv Dhiraj shankarlal joshi Central, Amravati
u can value sale deed according to real transaction i.e.rs 27 lack and adk him to affix stamp on govt value.if not then capital gain risk of 30% is their.
u can value sale deed according to real transaction i.e.rs 27 lack and adk him to affix stamp on govt value.if not then capital gain risk of 30% is their.
Answer By : Shri Shyam Jyoti Legal Chamber Central, Ranchi
Enter the value of property as 36 lakh as per Government Valuation, but write in sale deed that you are selling it only for Rs.27 lakh. You will have to tax on the basis of amount received by you and not on imaginary value. The value is for stamp, it is nothing to do with real transactions of money.
Enter the value of property as 36 lakh as per Government Valuation, but write in sale deed that you are selling it only for Rs.27 lakh. You will have to tax on the basis of amount received by you and not on imaginary value. The value is for stamp, it is nothing to do with real transactions of money.
Answer By : Pulkit Prakash West, East Delhi
Please mention the same amount which you are getting as a sum in against the sale deed. If you will write 36 lakh as sale deed amount then you will have to pay tax on 36 lakh rather than paying the tax amount on 27 lakh.
Please mention the same amount which you are getting as a sum in against the sale deed. If you will write 36 lakh as sale deed amount then you will have to pay tax on 36 lakh rather than paying the tax amount on 27 lakh.
Answer By : Rakesh South, Mumbai
Sir, If your agreement value in the agreement is Rs 36 Lakhs then FIRST buyer will have to show the proof of payment of RS 36 lakhs and SECOND in your books of accounts the income received would be RS 36 lakhs and you will have to pay tax on that. In any case, you can register the property with consideration as Rs 27 lakhs and pay stamp duty on Rs 36 Lakhs.
Sir, If your agreement value in the agreement is Rs 36 Lakhs then FIRST buyer will have to show the proof of payment of RS 36 lakhs and SECOND in your books of accounts the income received would be RS 36 lakhs and you will have to pay tax on that. In any case, you can register the property with consideration as Rs 27 lakhs and pay stamp duty on Rs 36 Lakhs.
Answer By : bhuvaneswari North, Chennai
Sir first check the Guideline Value and as per that value only you can register. If more than market value you are selling the house then for that value you can register and pay the Stamp duty. No property can be registered below the guideline value . In case you are not able to find the value in the concerned website , then you can verify with the sub registrar Office where the property is situated . Moreover when you are selling it is buyer who will be bearing the registration cost.
Sir first check the Guideline Value and as per that value only you can register. If more than market value you are selling the house then for that value you can register and pay the Stamp duty. No property can be registered below the guideline value . In case you are not able to find the value in the concerned website , then you can verify with the sub registrar Office where the property is situated . Moreover when you are selling it is buyer who will be bearing the registration cost.
Answer By : Biswajit Das Central, Kamrup
Yes you have to pay tax on 36 lac. If the buyer is agreed to pay the tax by himself then you can do it otherwise avoid it.
Yes you have to pay tax on 36 lac. If the buyer is agreed to pay the tax by himself then you can do it otherwise avoid it.
Answer By : Biswajit Das Central, Kamrup
Avoid making registration at 36lacs others the whole tax for that amount has to be born by you, until and unless the buyer agree to bear it.
Avoid making registration at 36lacs others the whole tax for that amount has to be born by you, until and unless the buyer agree to bear it.
Answer By : gunjan shah Central, North 24 Parganas
Yes, you are right. Accepting a higher amount of money than you are actually getting means you will be liable to pay long term property taxes upon the excess amount also.
Yes, you are right. Accepting a higher amount of money than you are actually getting means you will be liable to pay long term property taxes upon the excess amount also.
