Circle rate of area.

ajay kumar (Querist) 19 June 2015 This query is : Open
My Grand father purchased and rented/leased out a plot of land of 400 kathaa in year 1934. Now in year 2015 we intend to sale the same plot to same tenant/leasee, but he is offering a price which is much below the circle rate, as because he is tenant since more than 80 years.

1) Can registrar reduce the stamp duty seeing that the property is fully letout since more than 80 years.The said plot of land is located in Howrah area of West Bengal.

2) If registrar can reduce the stamp duty, than up to what extent.

3) If I sale the plot below the circle rate what will be the consequences under Income Tax.

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