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Sale price of property
your welcome for response
If the amount received through banking mode then it's falling under illegal transaction. Also it's questionable in income-tax.
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?
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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