PROPERTY MINIMUM SELLING PRICE..

AMAN (Querist) 17 November 2009 This query is : Resolved
HI,
CAN ANY ONE TELL ME THAT CAN A PERSON SALE HIS PROPERTY BELOW THE PRESCRIBED LIMIT SANCTIONED (CATAGORIES WISE)BY THE MCD OR THE DDA TO SAVE TAXES...

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A V Vishal (Expert) 17 November 2009
Yes he can but still the value of the property for determination of stamp duty purpose will be the prevalent registration value as per the Government, so there is no way out. Further, if it is for the purpose of tax saving even under such circumstances the provision of Income tax are attracted for under valuation of property.

AMAN (Querist) 17 November 2009
THANK U MR. VISHAL

adv. rajeev ( rajoo ) (Expert) 17 November 2009
yes he can sell the property, but stamp duty will be levied as per the rate fixed by the govt., it depends locality of the property.

Raj Kumar Makkad (Expert) 17 November 2009
As the question itself contains the procedure to save tax, the clear answer to your quarry is not below the prescribed rates.

Sachin Bhatia (Expert) 17 November 2009
Yes he can sell the property, but still Income tax are attracted for under valuation of property.

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