Hello,
I have a query related to capital gains. I am planning to sell my Property at 30 Lacs. I found a buyer who is ready to pay me via cheque the whole amount of 30Lac. I also want it as complete white money transaction. When i enquired at the registrar office, i got to know the Guidance value is 12 Lacs. Buyer wants to register at 12 Lacs as it will save some stamp duty for him and pay the money in 2 cheques, one with 12 lacs and other with 18 Lacs.
I want to know can i show this 18 Lacs in my Income Tax returns as part of capital gains out of sell of property or IT department will only consider 12 Lacs as it is recorded in Sale deed. Kindly help. I checked on forums but the answer is quite confusing.
Thank you,
CAclubindia
