Guideline value query

This query is : Resolved

Siva (Querist)
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29 August 2021 I sold my land for less price due to location of the land (like passage is small) but guideline value is very high which is more than double what i sold. While selling the land they have registered with the guideline value corresponding amount stamp paper cost, mentioned the purchase price less what ever they gave but guideline value as it is. Due to this my auditor saying that i need to pay the tax for the guideline value.

But i have not received that guideline value amount instead got only less than half of the guideline value amount. How to proceed on this? Kindly help on clarifying this query.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 August 2021 You can also obtain the services of a registered valuer, if you feel that the valuation as per the ready reckoner is on the higher side. This may happen due to the reason that the rates declared in the stamp duty ready reckoner are uniform for the same plot of land, without there being any reference to the conditions of the property and any legal dispute around the property at that point of time. The registered valuer inspects the property and based on his inspection and other relevant considerations and circumstances, gives the valuation report stating the fair market value of the property, along with the basis for arriving at the valuation.