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Can I sell my property on a rate less than circle rate
06-Apr-2023 (In Property Law)
Can i sell my property on a rate less than Circle rate ? Circle rate for my property in the current location is 56 lacs and if the property is getting sold for 50Lacs. DO i have to still pay the TDS (1%) ? whose responsibility is to pay the service tax, buyer or seller ? Buyer is insisting to get the sale deed done at 50L, is there any legal guideline on getting sale deed done at rate lower than circle rate ??
The buyer pays it, but the seller is responsible for collecting it and remitting it to the state. However, if the seller is a private party, in a non-commercial transaction ( such as a purchase of a boat, etc), then the buyer is supposed to pay it as "use tax," or in the case of a vehicle, when registered. Also, you are free to sell the property at any cost you wish to sell it.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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