I )A sold land for Rs. 3 lakh thru. agreement and recd.full amt.in 2003(purcahsed in 1995 for Rs. 0.25 Lakh) thru. a/c payee cheque.but no registry was excecuted and the agreement was also not registered.Now, in 2011 the buyer got the registry and inadvertently the amt. mentioned in the registry is Rs.50 lakh i.e Rs. 3 lakh thru ch.(already mentioned in the agreement in 2003) and balance Rs. 47 lakh in cash.This was noticed after the registry date and suplementry registry( tarmima) is made showing that the actual price of the land is Rs. 3 lakh and not 50 lakh.He also got the agreement of 2003 registered after the date of registry.
1) What is the tax implication regarding L.T.C.Gain?
2) What is the value of agreement which was registered after the date of registry?
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