My father and Myself sold a ancestral property jointly having FMV on 01/04/2001 1,58,000/- for 5,25,000/- on October 2018. this property was occupied a years ago by unknown people and it was not possible to evict them . so it resulted in the property having low sale value . the problem is that stamp duty value on October 2018 was 25,00,000/-
This might result in very large tax demand .
Are there any remedies to avoid such demand?
Thanks in advance,
Ganesh.
CAclubindia
