Difference value of plot purchase

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Kollipara Sundaraiah (Querist)
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02 August 2021 Sir,
It assess purchase of new plot on sale value and sale agreement same value rs:34 lacs.but market value rs:39 lacs.
Question:
Assess difference value rs:5 lacs amount show in it returns compulsory difference value show in purchase time or sales time applicable in it act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 August 2021 Is market value is same as of government valuation.
Make the query more clear.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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02 August 2021 sir, purchase of new plot rs:34 lacs and market value rs:39 lacs difference rs:5 lacs value income tax applicable

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 August 2021 Difference 5 lacs income tax applicable in case of government valuation and not on market valuation.

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