registry at lesser value than circle rate

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Babaljit Singh (Querist)
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06 June 2011 i hv purchased a land last yr for Rs 1/-, now i m selling it for Rs4/- after 14months, but circle rate prevailing is Rs 5/- but due to lack of buyer i am getting only Rs4/- i m ready to pay complete duty at rs5/- but is there any income tax ruling or notification or case law which can be a help in this case as we have got consideration less than circle rate prevailing in the market!!

waiting for positive response asap!!
thanks in advance!

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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06 June 2011 U CAN MAKE A CLAIM UNDER SECTION 50C(2) BEFORE AO THAT THE ACTUAL VALUE IS LESS THAN CIRCLE RATE IN THAT CASE HE WILL MAKE A REFERENCE TO DVO WHO WILL VALUE THE LAND AND IF VALUE COMES TO LESS THAN THE CICLE RATE THAN THAT RATE WILL BE ADOPTED

CA MANOJ GUPTA
JODHPUR
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