23 October 2016
Dear SirI am selling my plot at 40 Lacs. Govt value as per the stamp duty is 10 lacs. I would like to know if do the sale agreement of 40lacs and do the sale deed at 10 Lacs and take remaining 30 Lacs via cheque from him, will it be considered by income tax depart as part of land deal. Or it will be considered as income from other sources as sale deed is not of full amount. Basically market price is more than guidance value and hence if the delta Amount is taken in cheque is that fine ?Kindly let me know if I can consider full amount for capita gain calculation
20 November 2021
Considering it as land sell consideration will be more helpful to you, as it will be taxed at lower rate, and you get chance for exemption in various investment options.
CAclubindia
