CIRCLE VALUE & SALE PROCEEDS OF PROPERTY

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Financial advisor
592 Points Posted on 13 March 2021

Dear expert,

To what extent difference between  sale proceeds & valuation based on circle rate of property is acceptable under under which section of Income Tax India Act.

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On 13 March 2021 at 15:17 Report
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This discussion clarifies the acceptable difference between a property's sale proceeds and its valuation based on the circle rate under the Indian Income Tax Act. Initially, a 10% deviation was acceptable, but this was extended to 20% until March 31, 2021, due to the Covid-19 pandemic. The expert confirms this amendment.

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17269 Points Posted on 13 March 2021
10% deviation
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On 13 March 2021 at 17:47
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Financial advisor
592 Points Posted on 13 March 2021

Thanks Pravinji. I have discussed with counsel he says that the said deviation has been extended to 20% till 31.03.2021 due to Covid-19, is this correct?

 

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On 13 March 2021 at 20:28
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17269 Points Posted on 13 March 2021
You are right. it was amended to 20%.
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On 13 March 2021 at 21:18

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