Long term capital gain and deemed income due to diff in valu

I purchased an office in sep 1999 for rs 6 lacs, I hav not claimed any depreciation on it till date I.e. nov 2012. Now I will sell it in dec 2012 for rs 30 lacs. The valuation for stamp duty purpose is rs 72 lacs, which is more than twice the market value. I am told that the income tax dept can consider rs 72 less rs 30 lacs i.e. rs 42 lacs, as my deemed income and tax me on the same. Is it true? I will be investing the 30 lacs in another office immediately. Due to the illogical valuation for stamp duty purpose done in kolkata, I am not able to conclude this transaction , as I cannot pay the tax on deemed income if I have to pay it. Hav there been any cases where notices have been sent for deemed income on the basis of difference in stamp duty valuation and actual transaction value of property. Please advice what could be a legal way out of this problem....The property is not registered in my name and i will be the confirming party between the promoter and the buyer if the sale is effected.

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As per Section 50C 72 Lakhs (Value adopted by Stamp Valuation Authority) shall be deemed as Sale Consideration for the purpose of Computation of Capital Gains. If you think that it is way more than the Fair Market Value of the Building then you can request the Assessing Officer to refer your case to the Valuation Officer for the purpose of Valuation of your Property. The Value so determined by the Valuation Officer shall be deemed to be the Sale Consideration instead of the value adopted by Stamp Valuation Authority only if the value determined by the Valuation Officer is less than the value adopted by Stamp Valuation Authority.

In short the following 2 steps shall be followed :

Step 1 : Value as per Stamp Valuation Authority or Value as determined by Valuation Officer, whichever is less.

Step 2 : Value as per Step 1 or Actual Sale Consideration as declared by Assessee, whichever is higher.

Note : Section 56(2) shall not be attracted in case of sale of Immovable Property.

- Ruben Balooni