Diiferent amount in sale deed & agreement to sell

Rohit Sharma (Querist) 11 September 2012 This query is : Resolved
ITO got hold of agreement to sell mentioning sale consideration higher than the one mentioned in sale deed.

Q1. Implications under income tax?

Q2. On what grounds can the assessee defend himself.

Thank You

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adv. rajeev ( rajoo ) (Expert) 12 September 2012
In my opinion always sale deed amount will be considered.

JANAK RAJ VATSA (Expert) 12 September 2012
was the agreement to sell registered ?

Hemant Agarwal (Expert) 14 September 2012
1. Agreement to Sale, is only a understanding / undertaking for a transaction and can be rescinded at any time or after stipulated time. It is not classified as a Conveyance of property / transfer of title-rights of property, irrespective of being registered or not registered.

2. Sale Deed is a final conveyance deed and cannot be rescinded, hence is considered as final over and above an Agreement to Sale. The transaction amount mentioned in the Sale-Deed shall be treated as final price, for all purposes (including the Income Tax).

Keep Smiling .... Hemant Agarwal

V R SHROFF (Expert) 14 September 2012
Sale deed registered later on is FINAL.

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