Buying price of a house is 18 lakhs whereas according to stamp duty evaluation price of house is 29 lakhs. Can this difference cause any tax related issues as it came to my knowledge that new tax rules from April 2014 can draw penalty on such type of deals
Thanks
Asked on 3/12/14, 7:22 am
1 Answer from Attorneys
Sunil Goel
S.G. SOLICITORS
Stamp duty rules vary from state to state. you have not informed which state you are talking about. Nowadays, in most states, the concept of circle rates is prevalent. Circle rate is the minimum price (generally per sq. mtr) of property recognised by the Govt as minimum price of property in that state. Even if you purchase for less, but you have to pay stamp duty on at least circle rate value.
Answered on 4/18/14, 5:24 am
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