Hi,
3 years ago I purchased plot for 13 lacs. I paid payments thru Cheque and have receipts & sale agreement for 13 lacs. But the Developer has registered the Plot for 2.5 lacs value though the sale agreement was for 13 lacs. I paid stamp duty & registration charges on 2.5 lacs registered value.
Now due to emergency situation I am selling the plot in loss for 11 lacs. The buyer also want to register the plot for 2.5 lacs and pay stamp duty & registration charges for 2.5 lacs. But he shall be giving cheque on my name for 11 lacs. There is no agreement except email communication as the Buyer is staying in abroad.
Kindly advice Tax implications like Capital Gains. What is the base of Capital Gains? Registration Document or Sale Agreement? Please Advice. What is the best way to take deal forward without any tax implications. Please Advice.
M.Manjula
CAclubindia
