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Buying plot at rate less than circle rate. Will be there any problem?
15-Oct-2023 (In Tax Law)
Hi, I have purchased a plot of 237 sqyd in Haryana at rate of Rs. 6000/sqyd (Total 1422000). While the circle rate is Rs. 12000/sqyd. Seller wants to register the sales deed with value of 1422000 and stamp duty of Rs. 171000 (6% on circle rate for husband and wife jointly). Will there be any problem (legal/taxation) to me as buyer, if sales deed is registered as per these values.
As per law you cannot sell the property below thw circle rate.
Further, the registeration has to be done as per the circle rate orelse there will be taxation issues.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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