Flat sold in lower than government cicle rate

292 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
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details