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I am purchasing a transfer/endorsement unit of under construction of flat for 98 lakh. nnOriginally
21-Feb-2023 (In Property Law)
I am purchasing a transfer/endorsement unit of under construction of flat for 98 lakh. nnOriginally first purchaser has purchased the flat for Rs. 79 lakh from developer/Builder. The entire deal between first purchaser and me is happening at 98 lakh including agreement to sell, bank loan and online transfers. TDS also paid with sale amount of Rs 98 lakh. nnAfter the endorsement a fresh Builder buyer agreement is signed between developer/builder and me at initial price of 79 lakh. They don't accept the new price and deal done between first purchase and me. nnBuilder/developer is only considering initial price of Rs 79 lakh. As per builder/developer registry and rest of formalities will be done at 79 lakh price at the time of offer for possession. nnwill I be in trouble by tax authority or sub registrat office since TDS is paid at 98 lakh and registry value is at 79.
1. Yes, sale purchase of real estate is reported to the income tax authorities.
2. incase of any discrepancy, the tax authorities will issue a notice to show cause why there is a mismatch between the TDS amount deducted and registry value.
3. On the face of it, seems like a transaction where registry value is under valued to avoid paying stamp duty.
4. It would be difficult for you to justify.
Feel free to contact me incase of any further queries
2. incase of any discrepancy, the tax authorities will issue a notice to show cause why there is a mismatch between the TDS amount deducted and registry value.
3. On the face of it, seems like a transaction where registry value is under valued to avoid paying stamp duty.
4. It would be difficult for you to justify.
Feel free to contact me incase of any further queries
Helpful?
Adv. Kunal Seth
Delhi | 500+ Answers
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Dear client
I’m case you have already paid the TDS then the accounts won’t match. The agreement should declare the actual price for which the property was sold/ is being sold. What is the reason for concealment of the extra money?
Feel free to get in touch to discuss further
I’m case you have already paid the TDS then the accounts won’t match. The agreement should declare the actual price for which the property was sold/ is being sold. What is the reason for concealment of the extra money?
Feel free to get in touch to discuss further
Helpful?
Adv. Abhinav Sharma
Delhi | 500+ Answers
CONTACT NOW
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