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Stamp duty

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(Querist)
11 April 2015 hi my friend is planning to buy a plot.. recently there is rise in guidance value for property registration let me know if we can get the property registered on old price and pay stamp duty on revised price. I mean suppose we make payment by cheque for Rs.80L and pay stamp duty for Rs.1Cr will there be any complication while they file for IT returns thanks
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 April 2015 The seller is required to pay tax on profit/gain in the land the basis of guidance value. Section 50C
.
W.e.f. AY 2014-15, the purchaser is taxed on the difference amount of Rs 20L.
Section 56(2)(vii)(b)(ii).
.
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