Property price

diamond (Querist) 01 May 2016 This query is : Resolved
I have purchased a resedential flat @ 1cr. And I have paid by draft to seller Rs. 1 cr. But govt registrar had put the value of Rs. 1.25 cr. Now all my CA & legal adviser telling me that soon I will get notice from IT department. Need your advice.

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Rajendra K Goyal (Expert) 01 May 2016
If notice received, reply and proceed through your lawyer/ tax consultant.

diamond (Querist) 01 May 2016
For this answer i dont need your advise.

P. Venu (Expert) 02 May 2016
You should have taken objection to the value put by the Registrar.

diamond (Querist) 02 May 2016
Allready objected several times but they are not decreasing. Now what is the solution ?

P. Venu (Expert) 02 May 2016
If so, approach the High Court. There are no statutory powers vested in the Registrar to assign the guidance value.

diamond (Querist) 02 May 2016
Ok u mean to say I have fight in high court again IT department. Yes I will do still I am scared. Lets see. If any concrete answer then please let me know.

Guest (Expert) 02 May 2016
The Value Mentioned by the Registrar Office would be based on the Guide Line Value of their Records.You first implement the Registration Paying The Stamp Duty and Registration Fee Required by them.As and when the IT Dept raises the Query Explain them in Detail about the Actual Purchase Price and Registration Values.Nothing to worry and Implement the Registration First with out any delay as you have already made the Payment to the Seller.

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