20 December 2013
dear experts we are selling a property for 50 lacks its govt value is 1crore. what care we need to take at the time of sale.
any letter from buyer required etc. please advice me.
20 December 2013
well section 50C will be attracted. The Income tax department shall have right to tax you on presumptive consideration of Rs 1 cr. letter from buyer wont help.
Other experts may pitch in, if they can offer some solution to avoid additional tax liability.
21 December 2013
No escape from tax. No letter will rescue. Tax shall be paid on gain taking sale consideration as 1 crore. In case you disagree with stamp duty then prefer appeal. else give reference to valuation officer. if value in this case reduced by any amount then it will save some tax.
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