24 April 2013
IF THE ASSESSEE(BUILDERS/DEVELOPERS)HAS DONE THE REGISTRATION OF FLAT BELOW STAMP DUTY VALUE & ASSESSEE CASE IS UNDER AUDIT U/S.44AB WHAT WILL BE EFFECT ON ITS ASSESSEE INCOME? WHETHER THE DIFFERENCES WILL BE ADDED TO GROSS TOTAL INCOME ? PLS. HELP
24 April 2013
For builders, land and building are stock in trade and sec 50 do not apply on stock in trade. Hence they can show land and building at below the value assessed for stamp duty purpose.
08 June 2013
Nothing to worry as you have done the registration and has paid less than the stamp duty valuation. The only thing is this that the stamp duty department may ask you to pay stamp duty as per stamp duty valuation but since it has been registered in your name it is with the consent of the stamp duty office so no question can be asked and the value shown in the deed is your purchase consideration whether it is audit or no audit it will not affect you but this will affect you when you will sale the property as the consideration shown is less.
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