How to show income for the agricultural land sold at 3 times the rate.

715 votes

Venerated Sir,
As per your query I bring to inform you that whatever you have been fixed the consideration amount in your agreement or sale deed that would be the capital rate of the land and you should have to be shown that consideration amount in any legal department regarding price rate of the land . It does not matter what is the circle rate of that land because law is apparent which elucidates that the Owner of the have full authority to fix the consideration amount of his land but Court fee will be paid on the fixed price rates of Government . I also request you to provide me details information so that I can assist you better manner. Feel Free to call me.

Advocate Anil Kumar Singh LawRato

879 votes

dear client
As per iNCOME TAX YOU NEED TO show the Government Rate in your Income tax assesment...
but if the price is too low you need to get the confirmation from the IT and then after confirmation make assessment of the return...

Advocate Uttam Tibrewal LawRato

898 votes

See the circle rates varies from the government rate but government wants that at least minimum rate fixed by the government has to paid by way of revenue to the government no harm if you pay higher rate then government minimum fixed rate but it cannot be less then that

Advocate Jorong Sanga LawRato