If I receive a total sale consideration of Rs 15 lakh against the sale of a property in my account, but the sale amount in the registry as per Circle rate is 8 lakh. Shall I mention Rs 15 lakh or 8 lakh in my ITR for LTCG computation? Which is the correct amount as per tax laws?
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Actual Sale Consideration Higher than Circle Rate of the Property
Replies (1)
Sale Consideration for LTCG Computation - *Actual Sale Consideration*: The actual sale consideration received, which is Rs 15 lakh in your case. -
*Stamp Duty Value*: The stamp duty value (Circle Rate) of the property, which is Rs 8 lakh in your case. Tax Law Provision -
*Section 50C*: As per Section 50C of the Income-tax Act, if the stamp duty value is less than the actual sale consideration, the actual sale consideration will be considered for LTCG computation. Correct Amount for ITR -
*Rs 15 Lakh*: You should mention Rs 15 lakh as the sale consideration in your Income Tax Return (ITR) for LTCG computation, as it is the actual sale consideration received. By reporting the actual sale consid
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