Ramana (Business) 08 January 2025
Hi- I am selling 1 acre of land to third party and he has sent around 60 lakhs of rupees as NEFT to my bank account and remaining as cash.
Registration of property is pending, can we mention this amount in Sale deed but consider SR value which is just 5 lakhs per acre in sale deed and pay tax as per 5 lakhs SR value?
or we should mention this 60 lakhs in sale deed and pay tax for this amount?
Dr. J C Vashista (Advocate ) 08 January 2025
The amount of Rs. 60 lakh has to be the sale value as it has intentionally been sent by vendee (purchaser) of the property.
Sathish Karampuri 08 January 2025
We have two values for lands
Govt value, Market value
Most people pay tax on Govt values because it lower than market value. So in registration deed Govt values only reflect.
P. Venu (Advocate) 08 January 2025
These are practical issues which need to dealt in accordance with the local ethos.
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