Income tax

The sale deed should not be less than the stamp value or else the difference shall become taxable.

in our case we have paid 15 lacs in insalments @ 1 lacs each. if we pay stamp duty on 20 lacs. still we are liable to pay tax on 5 lacs!!!!!!

we have to take stamp value as on agreement date or as on registered date ????

sale deed should be executed on the basis of stamp  value when first installment was paid subject to condition that such amount should be paid through any mode other thaan cash.

and if the consideration is lower than stamp value as on that date than difference amount is taxable under other sources.

if stamp value on the date of agreement is lower then that stamp value can be taken for the purpose of section (ii)(vii) provided part or whole consideration has been paid in other than cash on or before the date of agreement.

Sale deed should be executed on stamp duty value...