Purchase of property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2011 A (Individual) purchased a residential plot from B. On the face of Sale Agreement Sale Value (Vikray Mulya) is Rs. 2.10 Lac but Assessed Value (Maliyat Mulya) is Rs. 2 Lac. Stamp duty paid on Rs. 2 lac/-. Sale consideration is paid Rs. 2.10 Lac.

1. Whether sale value can exceed than Assessed Value.
2. If yes, who will be capital gainer and what would be tax implications. Which section will apply and upon whom.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 July 2011 As I know, Stamp Duty has to be paid on Sale price, in case it is exceeding such assessed value.

1. Sales value may exceed the Assessed value.
2. Capital gain will be calculated in the hands of the seller B. Relevant Sections are 45 and 48.

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