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Can i sell property lower then circle rate
10-May-2023 (In Property Law)
Agreement for sale of flat has been made for Rs 27 lakhs. However Circle valuation of property is Rs 37 lakhs. Now the buyer wants to register the flat for Rs 37 lakhs though he will pay Rs 27 lakhs because stamp duty has to be paid as per Circle value. What are the legal and tax complications if I agree.Can the IT dept treat the balance 10 lakhs as black money? Pl advise. Thank you
Yes,you can sell the property lower than the circle rate.Circle Rate is just for calculation of minimum stamp duty that has to be paid.Actual selling rate may be less or more from the circle rate.If you write selling price in agreement Rs.37 lakh,your tax liability if any will be on Rs 37 lakh ,So better write the actul selling price if it is less then circle rate in sale deed.
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Adv. Manas Prakash
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