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50c capital gain
property purchased in 2001 rs. 915000
property sold in 2007 rs 25,00,000/-
(as per sale deed rs. 25,00,000/- but actual sale for rs. 3,20,00,000/-)
case is in scrutiny,
A.O. told us paid tax on 3,20,00,000/- less indexed cost of rs. 915000/-
what is the remedy available to save tax?
Replies (4)
How did the Ao know of the real consideration?
can you please provide stamp duty valuation and fair market value as on date of sale ?
hello,
Valuation by the stamp duty valuation authority is based on the circle rates. These circle rates adopt uniform rate of land for an entire locality. Even in particular area, on account of location factors and possibility of commercial use, there can be wide variations in the price of land. So that will be handy to say that you had sold the property for Rs 25,00,000 instead of Rs.3,20,00,000 which they calculated on the basis of circle rates or from somewhere.
thank you
For madhvi pandit read section carefully, this kind of cases selected by AIR.
For siddi stamp duty valaution 3,20,00,000/- fair market value
3,00,00,000
For arpit pachisia
Still it is remedy?
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