Tax on property sold but didn't receive full amount

ITR 395 views 5 replies

John Tin

30 Points Joined July 2023

Dear Experts,

Situation is: I have sold my property due to unfortunate circumstances, and the buyer has mentioned higher value during registry but he didn't give full value to me. I had to do this unfortunately or else none of the buyers were ready to buy land from me as this is the merit for buyers for further sale of the property, if I hadn't done this then it might have been captured by local goons and I would have wasted 10-20 years in court cases.

For ITR it shows full amount which is on the registry, but as per the bank transaction I haven't received that amount.

Do I need to pay IT on the amount it has been shown by gov or the money which I have received in bank account ?

Appreciate your feedback or any solution for this scenario ?

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208187 Points Joined July 2016

You need to declare the amount as per registered document, in your ITR, no exemptions.

John Tin

30 Points Joined July 2023

Thanks Dhirajlala Ji,

I understand gov is very strict and would consider one way of thoughts. Is there any other way I can mention my full scenario to Tax department providing all the evidences ?

Or if there is a way via court cases which I don't want to get involved, but if needed I might have to resort this way ?

Appreciate your valuable inputs!

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208187 Points Joined July 2016

Alternate but tedious way is to get Valuation certificate from a Registered Valuer of the property and go with its valuation for assessment and appeals.