Property sale

krishna prasad (Querist) 07 May 2019 This query is : Resolved
I get offers for buying my house .One person interested says he will pay stamp duty and regn charges on higher of guideline value or fair market value and will give balance by bank demand draft for Rs 25 lacs .By this he wants to save stamp duty to the extent of 2 lacs. But my fear is I have to account and pay huge Income tax on this 25 lacs on the applicable rates of my income . Both guide value and the fair market values are far less than the sale consideration.. I dont want to receive any cash of larger value say 3 lacs .
Please confirm if my fear of having to pay income tax" as on income from other sources " is genuine ..

Please advise in detail.

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P. Venu

(Expert) 07 May 2019
The posting suggests no legal elements or legal issues.

kavksatyanarayana (Expert) 07 May 2019
Dear queriest it is not legal query. consult experienced CA of your area.

Dr J C Vashista (Expert) 09 May 2019
When your income (capital gain) is about Rs. 25 lakh,you should willingly pay income tax, what is your concern ????

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