Flat agreement value
Niraj
(Querist) 01 November 2012
This query is : Resolved
Hello,
I want to sell mt flat in mumbai. My purchae value was aroun 20 lakhs in 2006. I now want to sell the same with the agreement value of say 35 Lakh. the ready reckoner says i should be 56 Lakhs. can I go ahead ith the 35 Lakh agreement? I know buyer will have to pay stamp duty and registration charges as per ready reckoner. my question is am I attracting any unforeseen troubles? by making agreement ay below the ready recknoer?
pls. help with your comments
ajay sethi
(Expert) 01 November 2012
why take 21 lakhs in cash ? if ready reckoner rate is rs 56 lakhs menton the same rate in agreement .if you are taking money in cash how do you know the notes are genuine . plus constant headache of managing black money . where will you keep so much cash . better sell at ready recknoer rate and have peace of mind .
Niraj
(Querist) 01 November 2012
appreciate your response Re. Ajay Sethi.
if agreement is prepared based on ready reckoner then long term capital gain tax comes around 5-6 lakhs. which is a big amount. I have no plan to reinvest the same money to any of the res. property but planning to put in a business.
V R SHROFF
(Expert) 01 November 2012
If ur Agreement of Rs. 35L, go ahead.
U hv right to sell at any price of ur choice.
Contact ur CA, will guide u.
ajay sethi
(Expert) 01 November 2012
we cant advise you to take 21 lakhs by cash . better consult your CA regarding long term capital gains
Niraj
(Querist) 01 November 2012
thank you very much everyone. really appreciate your very prompt response and real guidence
Niraj
(Querist) 21 November 2012
Hello, i want to reopen this question.
everything is same as the original question, the only update i want to give is the flat which I bought on 2006 Jun at price of 20 Lakhs was a resale at that point of time. I am now the second owner. Now i am selling it at agreement value of 50 Lakhs, do I have to pay Long term capital gain tax?
