Tax on property in price .
diamond
(Querist) 01 May 2016
This query is : Resolved
I have purchased a resedential flat @ 1cr. And I have paid by draft to seller Rs. 1 cr. But govt registrar had put the value of Rs. 1.25 cr. Now all my CA & legal adviser telling me that soon I will get notice from IT department. Need your advice.
B.Chakrapani Warrier
(Expert) 02 May 2016
The sub-registrar will inform the income tax authority about the said transaction under section 285BA(1)(d) of the Income tax Act,1961 and consequently department will issue notice to you to which you have to necessarily respond.
diamond
(Querist) 02 May 2016
Thank you but everybody in this lawyersclubindia telling me that I will get notice. Whole world knows about it. I am telling how to solver this problem. How to convience IT department that actual price of property is Rs. 1 cr then there is no fault of mine.
P. Venu
(Expert) 02 May 2016
You should have taken objection to the value put by the Registrar.
diamond
(Querist) 02 May 2016
Alleady objected but they are not listening. Allready purchased a property on feb 2015. Now tell me what is the solution.
P. Venu
(Expert) 02 May 2016
If so, approach the High Court. There are no statutory powers vested in the Registrar to assign the guidance value.
M V Gupta
(Expert) 02 May 2016
As soon as the Sub Registrar gives notice to u notifying the Market value assessed by him and calling upon u to pay additional stamp duty, u should challenge the market value assessed by him before the Registrar having jurisdiction over the Sub Registrar within 30 days of receipt of the notice. If u have received the notice already but could not file the appeal, file the appeal with out delay with an application for condonation of delay.Do not worry about the IT Department if the above step is taken. Pl consult an advocate who will help u to draft the appeal to be filed before the Registrar and get u proper relief.
Vinod kashyap
(Expert) 02 May 2016
you have to check price index which is available in registrar office if index show this higher value then you have to pay differential duty. if index shows value below your transaction then you have to reply the notice then challenge order in appellate authority or high court.
Probable action of IT dept. depend on above case and resolve automatically, if you succeed.
diamond
(Querist) 02 May 2016
Thank you so much for giving me info. But the problem is I have allready purchased this property on feb 2015. And unfortunately I already paid stamp duty on 1.25 crore even though I bought this property at Rs. 1 crore. Now I am scared if notice comes in future from IT department.
Vinod kashyap
(Expert) 02 May 2016
Assuming that you have mentioned value of property Rs. 1 crore in sale deed and paid duty on 1.25 crore. If so, then you can contest case if any notice received, at appropriate level including appeal & write petition. Contact tax lawyer.
diamond
(Querist) 02 May 2016
Ok but how to search expert lawyer in this field from Kolkata city as rules varies from state to state . Please help me finding right lawyer from Kolkata city.
Thank you again.
Vinod kashyap
(Expert) 02 May 2016
contact fox & mandol law firm or mitra & mitra, you may search their contact no. on website.
diamond
(Querist) 02 May 2016
Thank you so much Vinoj ji.
Rajendra K Goyal
(Expert) 02 May 2016
You can contact expert Devajyoti Barman at Kolkata.
diamond
(Querist) 02 May 2016
I need this contact number . He was not at all good. He just told me to come & no idea. He was not all professional person. I will never go to him.
