Property Purchased Below Circle Rate

Tax queries 212 views 1 replies

Dear Members,

My Client have purchased a flat for a Consideration of Rs.1,18,00,000/- and the Stamp Duty Valuation is Rs.1,45,00,000/- as the agreement was registered under the Circle. The Actual Price is below the Market Rate. I have searched few information in the Budget of 2013 & 2018 that some concession is given to the Purchaser but more clarity is required on the same.

Queries - 

1. Calculation of Amount that will be considered during Calculation of Tax under Income from Other Sources.

2. Judgement/ Cases to defend the purchaser in above certain cases/ situation

 

Suggestions are most welcomed. Thanks in advance 

Replies (1)

It is within 20% range, so if the transaction between 12th Nov,. 2020 to 30th June, 2021.... No tax liability...

Refer::: 

https://carajput.com/learn/no-notional-taxation-if-gap-in-value-of-stamp-duty-is-no-more-than-20-of-actual-transaction.htm l


CCI Pro

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