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Is it mandatory to register the land in government value
27-Jul-2023 (In Property Law)
(A) Is it mandatory to register the land in government value even though the sale is not at the government rate(buyer is telling it is mandatory to register in government rate irrespective of the sale rate,Government rate:38 lakhs Sell rate:27 Lakhs) (B)Now do we have to pay the tax for 38lakhs or 27lakhs which we get after sale. (C)What is the tax we have to pay(rate of interest of tax)Can we get any exemption in tax by this sale. This property is inherited from my father who is not alive now.It is in my mothers name. we are hindu family.
You have pay Stamp Duty and Registration Fee as per market guidelines value 38 Lakhs.
For the other purpose of [Income Tax] you can show 27 Lakhs. All the Children's of your father and his spouse can alienate the property.
For the other purpose of [Income Tax] you can show 27 Lakhs. All the Children's of your father and his spouse can alienate the property.
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Adv. Periyaswamy K S
Bangalore | 100+ Answers
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