Want to sell property at market rate.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2016 Dear Sir, I want to sell my property at the market rate but the govt. value is half the value of market value. Now the buyer wants to pay Govt. value amount in check and rest in cash. Also as you are aware that demonetization has made 500/1000 rupees useless. how to go about it? Kindly advice.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 Don't accept cash payment, it will amount to black money. Ask him to prepare sale deed for market value and get payment in cheque.

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2016 Sir, He was saying that, the amount will get taxed. Not only that, he will be liable to pay tax too..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 Yes tax payable on capital gain on sale of assets. The tax is only of 20% on long term capital gain or if deposited u/s 54EC up to 50 lacs of capital gain no tax payable. Ask him not to hold black money he will loose the money fully.

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