Selling property- regiostration market value vs guided value

Querist : Anonymous (Querist) 22 September 2018 This query is : Resolved
I have a 30 years old property in AP to sell. Market value is 80L where as govt guided value is 41Lacs. Now all buyers that approached are ready to register only to 41Lacs in order to save there registration cost. However the difference money they are ready to do bank transfer or cash deposit and it is white money. In this case I have following queries.
1. What is the value sale deed to be prepared? 41 Lacs alone??
2. How should we deal the rest of 39Lacs -> cash deposit/DD??.
3. What is the way out for me (can I pay 30% tax for 39 Lacs and LTCG tax on 41 lacs but how will I declare the source and let govt know that buyers registered lower value??.
Please help.

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KISHAN DUTT KALASKAR (Expert) 22 September 2018
Dear Sir
Most of your questions can be answered by Chartered Accountant. But you can get it registered for 80L by paying remaining stamp duty by yourself, think about this logic and proceed, if profitable to save the income tax.

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Raj Kumar Makkad (Expert) 22 September 2018
1. Yes, Rs. 41 Lakh only.

2. Cash as the remaining Rs. 39 Lakh is black money and not white.

3. This is your own problem how do you show rest of the amount you get from buyers over the amount shown in registered sale-deed. If black money is received, definitely you shall have to face Law of Land made in this regard.

Dr J C Vashista (Expert) 23 September 2018
@ Anonymous,
You are required to pay part of consideration as professional fees to a local prudent lawyer for proper analyses, guidance and proceeding.

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