The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities.
1. Please clarify: is 30 lakh the transaction amount or the value as per govt ready reckoner?
2. If value according to govt is 40 lakh but actual sale amount is under 30 lakh, will it be reported in AIR to IT?
3. What if the sale amount is under 30 lakh but total transaction amount including stamp duty and registration fee is above 30 lakh, will this be reported to IT?
Many thanks!
CAclubindia
