First of all, Namaskar and Happy Diwali to Respected Learned Members of CAClubIndia Community
Sir, there is a small query -
Suppose, value of a shop calculated on Circle/DLC rate is 50 L but Market rate is 35 L [30% less than Circle/DLC rate]
If the property is sold at Market rate of 35 L and Sale Deed is registered on this consideration amount, then it becomes much less than Circle/DLC rate.
It is heard that to avoid any tax inquiry, consideration amount should at least be equal to Circle/DLC rate.
So, query is - What can be the solution for consideration of sale of property whose Circle/DLC rate is more and Market rate is less?
It is highly appreciated if the Respected Learned Members of CAClubIndia Community can put some light on the matter.
Thanks.