Experts, kindly help in the following matter.
A person P1 wants to sell his immovable property which is an independent house to another person P2 at the prevailing MARKET rate in that area. The market rate is higher than the CIRCLE rate by around close to twice the CIRCLE Rate in that place.
Both the persons P1 and P2 DO NOT want to deal in Cash and want the entire transaction only through BANK TRANSFERS or CHEQUE. And person P1 is ready to pay the Income Tax on the complete transaction received at Market rate and person P2 is also ready to pay the necessary Stamp Duty and Registration Charges on the MARKET rate (which is above the Circle rate) at which he wants to Buy the property.
The QUESTION IS: Will the Sub-registrar allow this, as the Market rate at which the 2 persons want to deal is much above the Circle rates? Will there be any problems from the Sub-registrar or the local people if the property is registered at the prevailing Market rate?
I am asking the above question, because I read around 2-3 posts in other forums that the Sub-registrar did not accept the property to be registered at a rate above the Circle rate and insisted that the property should be registered only at the Circle rates. If that is the case then person P1 is not ready to sell the property as he does not want to deal in cash.
So kindly help in this regard.
