One of my relatives proposes to purchase a residential property In Haryana on or before 31st March, 2022 the sale price of which is around 15% LESS THAN the CIRCLE RATE of that property . To put it differently, , the Sale Price of the residential property is appx. Rs. 20 lakh LESS THAN THE CIRCLE RATE OF THAT PROPERTY. KINDLY GUIDE TAKING INTO ACCOUNT EXISTING APPLICABLE LAW AND PROVISIONS OF INCOME TAX
1. WHETHER THERE WILL BE ANY ADDITIONAL LIABILITY OF INCOME TAX ON THE BUYER OF THE PROPERTY;
2. IF ANSWER TO THE ABOVE IS IN AFFIRMATIVE, HOW MUCH WILL BE THE LABILITY AND WHETHER THERE IS ANY WAY TO AVOID THAT LIABILITY
