Related to Sale of property

This query is : Resolved

Bhavna (Querist)
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13 February 2023 I propose to sell my residential house this month. A buyer for this is already identified.Amount of sale consideration fixed at Rs 7800000 (Rupees seventy eight lakhs only).Now the buyer requested to break up the sale consideration into two parts,viz...Rs 59 lakhs( fifty nine lakhs) to registration and balance 19 lakhs( Nineteen Lakhs) towards Interior woodworks and modular Kitchen Etc,so that he can save some money outgo to Registration Dept. All payments are proposed to be paid by A/c Payee Checks only. we have paid to the builder by a/c checks only towards acquisition of the said property,4 years back.That time onwards,we spent about 8,00,000.00(eight Lakhs) for Woodworks,False ceiling and Modular Kitchen and Furniture etc periodically and we do not have all the receipts of that expenditure on our files. In the above circumstances,please clarify,if we can allow the current buyer of our property to show the break up of sale consideration,as stated in para 1 above.An early reply from you will help us to go ahead and enter into an agreement for Sale accordingly. Awaiting your response

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 February 2023 What is present Fair market value of the property as per circle rate?
What is your cost of acquisition as per purchase agreement?

Bhavna

Bhavna (Querist)
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17 February 2023 35 lakhs is the value according to Circle rare now.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 February 2023 The amount of Rs, 19 lakhs would be charged under head IFOS. The deduction against it would be difficult to justify.

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