banner_ad

Flat sold in lower than government cicle rate

Tax queries 274 views 4 replies

 I have a new query i have sold a flat purchased in 1988 for rs 53 lac, but the registrar value of the flat came to 72 lac,

buyer has deducted tds on property on rs 72 lac.

How to save myself from Income tax notice as to why did i sell below market rate? (72 lac government rate but sold in 53 lac)

can i take a take a valuation report from a income tax authorised valuer showing value of the flat was around 17 lac in 2001 and taking into consideration the index value of 2022-23 as 3.3, current value is 56 lac approx?

 

Replies (4)

Better to pay capital gains tax as per sale value of 72 lakhs. No other alternative.

File return based on circle rate to avoid any future litigations.

Sir that means the valuation report of a government authorised valuer is of no value?

The valuation report as on the date of sale, if it is as per your agreement rate can help you in appeal, but not while assessment.

Flat was sold on 21 sep 2022 for 53 lac, valuation report is of Rs 57 lac dated 29 september 2022.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details