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Property price

ArpanGoenka (partner) (85 Points)

01 May 2016

I have purchased a resedential flat @ 1cr. And I have paid by draft to seller Rs. 1 cr. But govt registrar had put the value of Rs. 1.25 cr. Now all my CA & legal adviser telling me that soon I will get notice from IT department. Need your advice.

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6 Replies

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 01 May 2016

That excess 25 lakhs will be treated as gift for you since it in excess of Rs 50K. So you need to disclose under IFOS then it will not be problem for you & at the time of sale of property you can claim the property cost as 1.25 crores.

ArpanGoenka (partner) (85 Points)
Replied 01 May 2016

( 1) What is IFOS ?

(2) I have purchased a property on Feb 2015. Hence allready filed a return for AY 15-16 on 29 march 2016.

(3) All legal adviser told me that I have pay tax on Rs. 25 lac because govt will treat as a gift.

Saket Jain (director) (255 Points)
Replied 02 May 2016

IFOS - Income from other source.

You can ask ITO to refer it to valuation officer. If valuation officer value is less then stamp duty value then lesser value will be considered for capital gain purpose.