Ready recknor rate or valuation report by valuer

ITR Filing 287 views 7 replies

KALPESH JOSHI

215 Points Posted on 28 July 2022

I sold inherited property, for that I have obtained valuation report from registered valuer. He quoted 2 rates one is Ready recknor rate and another is valuation report rate which is higher side than ready recknor rate ( stamp duty rate )

Now My CA has told me with effect from FY 2021. New ammendment in section 55 has brought new changes where it is quoted for getting 2001 valuation. Fair market value should not exceed stamp duty value

I have personally checked it and found the same , in this case what needs to be done ? As RR rates around those years are at dirt cheap rates god now why .. shall I. Go with fair market rate or stick to RR

Thanks in advance

Replies (7)

KALPESH JOSHI

215 Points Posted on 28 July 2022

*Valuation report For calculation of cost of acquisition.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 29 July 2022

Your CA is right & is well informed with amendment.

Don't react under the pressure of greed, otherwise you will be in trouble.

KALPESH JOSHI

215 Points Posted on 29 July 2022

Apart from interest, how much of penalty i need to pay If i use Fair market rate ??

KALPESH JOSHI

215 Points Posted on 30 July 2022

Originally posted by : Dhirajlal Rambhia
	Your CA is right & is well informed with amendment. Don't react under the pressure of greed, otherwise you will be in trouble.

Can I correct it by filing revised return ? Earlier I had used fair market rate . Can I revise it using RR rate under geniune omissions error ?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 30 July 2022

Yes, you can revise it if for AY 2022-23, till 31.12.2022, there want be any penalty.

If earlier two AYs, you can update it, with some penalty & interest.

KALPESH JOSHI

215 Points Posted on 30 July 2022

Originally posted by : Dhirajlal Rambhia
	Yes, you can revise it if for AY 2022-23, till 31.12.2022, there want be any penalty. If earlier two AYs, you can update it, with some penalty & interest.

But interest under 234B and 234C will be applicable right ?

KALPESH JOSHI

215 Points Posted on 30 July 2022

Originally posted by : Dhirajlal Rambhia
	Yes, you can revise it if for AY 2022-23, till 31.12.2022, there want be any penalty. If earlier two AYs, you can update it, with some penalty & interest.

Also are you sure there won't be any penalty. I read penalty upto 50-200 percent is applicable. Correct me if I am wrong