Authority to sell at undervalue rate

saba (Querist) 27 November 2014 This query is : Resolved
can a person having authority or authorities sell property at an under value rate, can anyone tell me any supreme court judgment on this for or against.

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ajay sethi (Expert) 27 November 2014
we dont provide citations . tamp duty will have to be paid on value of property as per ready reckoner rates

Rajendra K Goyal (Expert) 27 November 2014
Property can be sold undervalue, stamp duty has to be paid as per circle rate.
Case law not provided in this section.

V R SHROFF (Expert) 27 November 2014
yes, can sell at any rate he like.. under or over!!
nop citations here..

Anirudh (Expert) 27 November 2014
If an immovable property is sold under value rate (meaning that the value for which the property is sold is below the guideline value), then the seller would be deemed to have received the full consideration i.e. as per stamp duty value, and taxed in the hand of the seller accordingly.

Similarly, the difference will be treated as 'income from other sources' in the hands of the purchaser and taxed accordingly.

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