I sold a property for 50 lakhs, buyer paid stamp duty on 50 lakhs as per sale deed.
But I see my AIS reflecting the same transaction valued at 1 Cr.
What should I report in ITR2? If I report 50 lakhs to calculate CG, worried system might trigger a notice.
If the transaction value is 50 lakhs, how come it is reported as 1 Cr. in AIS? Need to check the circle rate of the property as reported by Sub-Registrar.
Office clerk says circle rate is 1C, but then how did the buyer manage sub registrar to pay stamp duty on 50 L, I don't know. If the circle rate is 1C, he should have paid stamp duty on 1C even though transaction value is 50L.
Sub registrar would have initiated action for lack of stamp duty; or he may initiate it at later stage. But for income tax purpose you have to consider the value as 1 Cr only; otherwise bound to get notice.
CAclubindia
