Mr A had a flat in a building in Navi Mumbai that was not in good condition. So the Flat fetched a lesser price (Rs. 23 lakhs) than the market value as per stamp duty valuation (Rs. 29 lakhs). The condition of the building was really not good and also had many municipality and water problems. My query is as follows: 1) Is there any transaction limit for reporting the sale of a flat in ITR even though it fetches a lesser price? I mean sale price is just Rs. 23 lakhs and there is also no capital gain then is it necessary to file the return? 2) Will Mr. A get a notice from the IT dept as the sale price is less than the market value as per the registrar?
03 July 2023
1. Sub-registrar has to report the transaction under SFT 10 as:: Purchase or sale by any person of immovable property for an amount of Rs. 30 lakh or more or valued by the stamp valuation authority referred to in section 50C of the Act at Rs. 30 lakh or more. 2. Get valuation report from registered valuer to authenticate your claim, in case of any query.
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