About capital gains

This query is : Resolved

malyadri (Querist)
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16 August 2013 Sir,
If an assessee sold an immovable property less than government value, there is any liability on seller to pay tax on difference amount of sale. Can Incometax officer give any notice for difference value

Pankaj Gupta

Pankaj Gupta (Expert)
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17 August 2013 If assessee sells the property below the price fixed for stamp duty purpose, then such amount for stamp duty purpose shall be deemed as sells value. Capital gain shall be calculated accordingly. The assessee can get the demand notice from department only if his case comes under scrutiny, otherwise not.