Income tax

This query is : Resolved

R. vishwanathan (Querist)
Follow

29 May 2013 urgent

please tell me if we sell a property and in registry we showed a very low amount...

what is the tax or penalty will arise later...

and most important how can we know the market value of my property as per income tax department...please tell me link or the file if available to u

thank u...

Chinay Solanki

Chinay Solanki (Expert)
Follow

30 May 2013 as per the latest provisions of income tax, capital gain will be charged on sales consideration or value as per stamp valuation authority whichever is higher. so even if the amount shown by u is less than the value as per stamp authority, the capital gain will be charged on the value as per stamp authority. for more details, mail me your detailed query on cachinay@gmail.com

Message likes : 1 times

Soumitra Basu

Soumitra Basu (Expert)
Follow

03 June 2013 YOU MAY OBTAIN THE MARKET VALUE OF THE PROPERTY FROM THE REGISTRAR OFFICE. YOU HAVE TO FILL A FORM AND SUBMIT.
THE MARKET VALUE SHALL BE TREATED AS SALE VALUE FOR THE PURPOSE OF CAPITAL GAIN. PLEASE SEE SECTION 50C OF THE INCOME TAX ACT.

Message likes : 1 times