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Moorthy (proprietor)     15 August 2012

Undervalue property register - seller problems

When the registration done using undervalue (47A), how the seller take sale amount and calculate capital gain?, say for example, the purchaser actually purchased one property for 50Lakhs, but the guideline value much more about  70Lakhs, but the purchaser paid 50Lakhs only to the seller and he registered the document in undervalue mode (47A), now i hope the document not give to purchaser and send to collector or higher authority for further proceedings. In this case how the seller effect? Shall seller take this 50Lakhs as the sale value? or Seller wait for further valuation?, please help, its very urgent, thanks



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 2 Replies

ASESH CHATTERJEE (ceo)     15 August 2012

Opinion is requested to the following problem from Legal Members

Mr XYZ booked a flat in 2007 at kolkata at the then Market valuation of say Rs25Lakhs. It was agreed in the agreement that the said flat is to be completed in 2years6months. Due to many reasons, the completion got delayed. The said flat was finally registered in March'2012 at the same contacted value of Rs25Lkhs but the market value has increased to Rs35Lkhs & Stamp Duty//Registration charges was calculated at this valuation.

Now, the question of Law is needed as to "which amount of value of the flat" will be shown to the IT Authorities as cost of the flat & its implication

Moorthy (proprietor)     15 August 2012

HI, I hope the cost you paid to the builder / owner + the amount paid for stamp duty (registration expenses).


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