For Sale Deed purpose

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This query is : Resolved

CA Gaurav Agrawal (Querist)
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30 October 2009 Facts of the Case:

We have Property Jantri of Rs. 10 Lakhs. And We want to make sale deed of Rs. 8 Lakhs..

Question:
1) Whether there is any conflicts of rules framed under Income Tax?

2) Can we make Sale Deed of Rs. 8 Lakhs?

3) Whether it is possible only in case of scruitiny??

4) Infact the property documents are to be made for Rs. 40 lakhs whereas jantri value is Rs. 50 lakhs. so what are the chances for selection for scruitiny in income tax?

Please answer as early as Possible!!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 November 2009 If the case is selected for scrutiny, Rs. 10
lac(50lac-40lac) shall be treated as Income
by the virtue of Section 56(2)(vii) in the hands of the purchaser.

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