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
(Expert)
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
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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