Valuation

Querist : Anonymous (Querist) 02 April 2011 This query is : Resolved
I purchased a property a year back. The property is divided into 3 parts with the first part on the main road, a commercial site. This was registered/purchased by my brother in his proprietorship firm at commercial collectorate rate. The third part of the property is opn to a residential colony and was registered at the collectorate of the said colony. The middle part which has no direct access to both the sides was registered at the reisdential collectorate rate. The second & third parts were purchased by another company owned by myself and my brother. The whole deal was done as the said plots were already registered as such i.e. first plot as commercial and the second and third part as residential ones. Now i am being issued a notice by the revenue department that the second property was undervalued and should have been assessed at the commercial collectorate rate although i had got the same from the previous owners who had got the said plots registered at the various collectorate rates some three years prior to our buying them.
I want to know whether the department can do this, especially:
1. When it is more than a year when the said deal was closed/registered.
2. We had not made any changes and had bought the said properties as they were registered earlier.

Thanking You
Sincerely Yours

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adv. rajeev ( rajoo ) (Expert) 02 April 2011
dept., can issue such notice.
You reply the notice with an evidence that it is not commercial property.

bhagwat patil (Expert) 03 April 2011
this is a state extortion of money,if your plot is sud divided in three parts and that way entered in ready recon-nor they cannnot ask. if you have already sold out just let go.

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