Sale deed will be registered to sell my house for Rs. 35 lacks. Actual agreed amount is Rs. 40 lacs that will be online transferred to my bank account partially (35 lacs) from buyers account and 5 lacs from buyer's spouse account. In sale agreement (not registered) sale consideration is mentioned as 40 lacs. Can I show 40 lacs as sale consideration in my IT return ? Thanks.
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Amount received in bank account in excess of sale consideration
Replies (7)
Yes, you can do so since that is the actual consideration in this case.
Thank you very much Madam.
Any counter views from other experts please.
Sale agreement not registered .
How can u proceed with the same?
you can show in your it return provided sale deed is registered.
How can u proceed with the same?
you can show in your it return provided sale deed is registered.
Yes you should show 40 lakhs rupees as actual consideration
Thank you all for your replies. @ Mr. Mukharjee, As per our state's registration rules, sale agreement registration separately is not mandatory. Actually buyer has requested to make another sale agreement for Rs. 35 lacs based on his bank loan purpose (maybe also to reduce the burden of stamp duty). This sale agreement (Rs. 35 lacs) will not be referred to in the sale deed documentation. In this scenario, is it okay to mention Rs 40 lacs as sale consideration in ITR?
For more clarity , In the above example, though sale agreement document will not be referred in the sale deed, yet the sale consideration will be mentioned as Rs. 35 lacs in the registered sale deed.
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