Reg - capital gain:

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2015 As per the provisions of the Income Tax Act, While calculating capital gain in the case where the stamp value is higher than the sale consideration, the stamp value for the property has to be taken.
1. Kindly let us know if there is any possibility of adopting the lower actual consideration as sale proceeds instead of the stamp value / SR rate, in case the assessee does not wish to take SR rate while computing tax.

2. Is there any way to mention the above facts in the latest ITR , since it is an annexure less return and does not provide for any space to give additional information.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 July 2015 The assessee MAY take lower value BUT THE ASSESSING OFFICER HAS THE RIGHT TO ADOPT THE STAMP DUTY VALUE.
What are the reasons for lower consideration? Can you please elaborate?

CMA Gul S

CMA Gul S (Expert)
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16 July 2015 As per the latest law do not lower the actual sales consideration. that will be scrutinised and valuation officer has all rights to modify and you will be charged SD accordingly and may be penalty if the deviation is BIG

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Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2015 The sale agreement was entered into by the parties in the year 2008.Since this was under construction and completed only in the year 2014, sale could be concluded only then. However, the sale consideration actually received in installment since 2008. Hence stamp duty value for the year 2008 was adopted.

Querist : Anonymous

Querist : Anonymous (Querist)