Dear Experts,
Situation is: I have sold my property due to unfortunate circumstances, and the buyer has mentioned higher value during registry but he didn't give full value to me. I had to do this unfortunately or else none of the buyers were ready to buy land from me as this is the merit for buyers for further sale of the property, if I hadn't done this then it might have been captured by local goons and I would have wasted 10-20 years in court cases.
For ITR it shows full amount which is on the registry, but as per the bank transaction I haven't received that amount.
Do I need to pay IT on the amount it has been shown by gov or the money which I have received in bank account ?
Appreciate your feedback or any solution for this scenario ?
CAclubindia
