The government introduced Section 56(2)(x) in the Income-Tax Act in 2017 as a measure to counter tax evasion by undertaking transactions at lower than fair values. Hence, there could be a possibility where the difference between the stamp value and actual consideration is taxed in the hands of seller as well as the buyer.
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If a property in Chennai where the stamp duty is very high (13%) a buyer wants to mention lesser value for the purpose of reg and pay actual value by bank, Is it allowed? If any lapses are found later who is liable - buyer or seller?
N Kalyanaraman
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4 Year
2020-09-13T08:19:33+00:00 2020-12-15T12:36:54+00:00Comment
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