Capital gain

shalini (CA) (525 Points)

09 February 2016  

My client is selling his house for 55 lacs. Buyer wants to show 40 lacs in sales deed and pay 15 lacs by cheque. 

My query is:-

1. What will be the sale price for the purpose of capital gain calculation - 55 lacs/40 lacs

2. Does TDS provision apply on this transaction (1 % TDS u/s 194 IA) ?

Thanks