If a person sell his property at much less then its value computed by stamp authority due to occupied by many tenants then what steps he should take to satisfy his ITO for taking the consideration amount as the fair value of the property?
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fair value u/s 50c
Replies (1)
AO will be hardly satisfied with the contention that reason for selling at a lower price is higher number of tenants as the assessee is in receipt of undisputed rent from tenants.
Secondly, the person to whom you are selling the property will always insist upon undisputed possession and it is generally mentioned so in the sale deed/ documents being registered.
So, in spite of other arguments, prevalent method of "settlement with the AO" may be resorted for this purpose.
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