Difference in sale price and govt price of immovable assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2018 PLOT SOLD AT RS. 1,00,00,000/- AND GOVERNMENT PRICE IS RS. 1,40,20,000/- RETURN FILED WITH SOLD i.e. 1,00,00,000/- PRICE, AND DEPARTMENT NOTICED U/S 133(6) ON THIS POINT, HOW CAN BE GET SAFE PROTECTION MYSELF

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 May 2018 What if it’s a Genuine deal:

In such a case if an assessee claims that the value so assessed or assessable exceed the fair market value of the property and value so assessed or assessable has not been disputed in any appeal or revision before any authority or court the assessing officer may refer the case to valuation officer.

Where the value ascertained by the valuation officer:

Exceeds the Stamp Duty value: Stamp Duty value shall be taken as sales price
Lower than the Stamp Duty value: Value so ascertained by the Valuation officer shall be taken as Sales consideration

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