Very urgent sale price less than govt. value
This query is : Resolved
20 December 2013
dear experts we are selling a property for 50 lacks its govt value is 1crore. what care we need to take at the time of sale.
any letter from buyer required etc. please advice me.
20 December 2013
well section 50C will be attracted. The Income tax department shall have right to tax you on presumptive consideration of Rs 1 cr. letter from buyer wont help.
Other experts may pitch in, if they can offer some solution to avoid additional tax liability.
Other experts may pitch in, if they can offer some solution to avoid additional tax liability.
21 December 2013
No escape from tax. No letter will rescue. Tax shall be paid on gain taking sale consideration as 1 crore. In case you disagree with stamp duty then prefer appeal. else give reference to valuation officer. if value in this case reduced by any amount then it will save some tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
