View Full Version : I/T on differnce between actual selling price & market valuation of a resale property

09-01-2012, 10:36 PM
i) Whether one has to pay income tax on the differnce amount between market valuation as evaluated by the Govt. registrar and actual amount paid to the seller for the purchase of any resale property? If,yes,how the same will be calculated? Whether it will be paid as self assessment tax or by the end of FY as advance tax?
ii) If the flat is having terrace, whether the registrar's valuation of the flat will be less if the terrace & covered areas are shown separately?
iii) If the mother deed of the seller mentions the total super built up area including terrace without any differentiation between tearrace & covered area, whether the purchaser in his deed can show actual covered area & terrace areas separately? Will there be any objection/dispute on the ground that the two deeds are differing?
iv) If the age building is more than ten years,whether it will have any effect on its valuation? How,the actual age of the building can be officially obtained?