I have purchase one shop in 2012 when government rate is 4000/- psqft. I have simply made an sale deed with the builder. Now in 2015 when shops are ready for possession, I meet to him for registered agreement. Now the government rate is Rs.5000/- psqft. The builder asking to pay the tax on the difference amount of Rs.1000/- psqft. I told him that i will pay only the stamp duty & reg. fees as per the today's rate.
I am correct or should I have to apy the the I. Tax to him on the diff. amount?
CAclubindia
