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Tax Implications: Property Sale value higher than Guidance value

Tax queries 1010 views 2 replies

Hello Team.

Please help clarify on the below scenario from tax implication perspective.

I intend to sell my independent house for X amount. There is a guidance value / circle value prescribed by the government for every area. The agreed sale amount is more than the govt prescribed guidance value, but the buyer is willing to specify only the guidance value amount in the sale deed and rest he would still pay by cheque.

I want it to be clean from tax perspective, in that case can i show the difference amount Agreed Sale amount - Guidance value amount as income from other source while filing my tax returns? In that case it will be taxed as per my tax slab is it?

If i can't show it as income from other source , is there any other option available?

Thanks

Shashi

Replies (2)
Pls post actual values

Government Guidance value: 6000 / Sq Ft

Market Value : 12000 / Sq Ft

Value in sale Deed: 72 L

Value as per agreement: 1.44 Cr

Can 72L be shown as Income from other sources? If yes, then it will be taxed at my current slab rate?

Is there any other option?


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