11 April 2015
hi my friend is planning to buy a plot.. recently there is rise in guidance value for property registration let me know if we can get the property registered on old price and pay stamp duty on revised price. I mean suppose we make payment by cheque for Rs.80L and pay stamp duty for Rs.1Cr will there be any complication while they file for IT returns thanks
12 April 2015
The seller is required to pay tax on profit/gain in the land the basis of guidance value. Section 50C . W.e.f. AY 2014-15, the purchaser is taxed on the difference amount of Rs 20L. Section 56(2)(vii)(b)(ii). .
CAclubindia
