Query

kavitha (internal auditor) (26 Points)

22 February 2017  
Hi Plz help me with the below query Mr.A sold his site for Rs.20 lakhs,the guideline value of the property is rs.38 lakhs.The purchaser has accounted the purchase price at Rs.20 lakhs and asessment completed u/s 143(3) accepting the purchase price at Rs.20 lakhs.Wheather A has to pay long term capital gain on sale value of Rs.20 lakhs or the guideline value of Rs.38 lakhs. Please help me