Hello,
Sale agreement for a flat was made in 2006 for 25 lacs. (Lumpsum payment at the intial stage of the apartment construction). Cost of flat was 20 lacs and cost of interiors was 5 lacs. Registration of the flat was done in 2008 for 18.8 lacs Paid stamp duty and registartion charges additionally. (18.8 was the current rate for registration at that time). Now there is a buyer for the said property. Sale agreement is for 40 lacs. The registration value is around 30 lacs. Buyer will pay the registration value by draft/cheque and the remaining by cash. For calculating capital gain, can this 40 lacs be taken as sale value (proof - sale agreement). Or should the normal tax of 30%+surcharge be paid on the remaining 10 lacs , since the registerd value is around 30 lacs. Please give your valuable advice.
Thanks in advance,
CAclubindia
