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Sale price of property
one person sold his residencial plot amounting to rupees 6 lakh but sale deed executed only 4 lakh as per govt rate. so question is which sale price is consider for the purpose of calculating long term capital gain.
Replies (12)
Quick Summary
Sale deed executed for only Rs. 4 Lacs. sale price would be 4 Lacs only.
4 lakhs rupees shall be considered as it is shown in deed executed
Ok sir thanks a lot
your welcome for response
Deed price need to be taken.
If value as per sale deed is the consideration for computation of LTCG, then what will happen to additional 2 lacs that has been received?
Yes... I am also with Mrs CMA Poornima Madhava...
If the amount received through banking mode then it's falling under illegal transaction. Also it's questionable in income-tax.
If the amount received through banking mode then it's falling under illegal transaction. Also it's questionable in income-tax.
If the transaction has been carried through banking then they have to show 6L as sale consideration.
government value will be the minimum price to offer.
government value will be the minimum price to offer.
If the transaction (receipt of 6 lacs) has not been carried through bank, then can 4 lacs be considered as sale consideration?
Yes...
if seller will show cash amount also sale amount then no more problem.
If seller not like then he is the responsibility for the transaction and it's related activities...
if seller will show cash amount also sale amount then no more problem.
If seller not like then he is the responsibility for the transaction and it's related activities...
Here the querist has specifically mentioned that the property is sold for 6 lacs. So in that case, 6 lacs can ONLY be the sale consideration whether received in cash or through bank. Further, accepting cash would lead to violation of provisions of section 269SS and 100% penalty will be levied.
So in the above scenario, I don't think considering 4 lacs as sale consideration is legally correct.
According to me ₹600000 shall be considered as Sale consideration. If ₹4,00,000 is taken as sale consideration then Rs 200000 would be considered illegal.
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