HI
I am selling a small piece of land. There was a mutual verbal agreement to sale the same at ~12 lacs in Sept 2013.
The date of registration was fixed to be in Dec last week which was convenient for both parties.
Very recently i realised that govt has done a steep rise in the guidance value which now is 15 lacs. This rise is effective from Oct/nov 2013 (exact date not known). Though i never entered into any written agreement, breaking the verbal agreement is difficult due to some circumstances. My worry is though i will sell at a cost lower than Guidance Value, according to Section 50c, my sale price will be same as Guidance Value. Whats the best way to handle this ? Breaking the agreement is ruled out.
CAclubindia
