Sale value exceeds 4 times of the guideline value

Saravanan (Querist) 07 December 2014 This query is : Resolved
I have a Residential house and i am planning to sell it for almost 1 Crore .
But its govt guideline value is only 26 lakhs .

I have approached the Reg dept and asked whether it is applicable to register the property for 1 crore.He told even though its a govt rule to register for the actual sale value,he wont allow me to register for one crore,since it will increase the guideline value for that area.

This is a problem for him since he is going to answer this in the future audits/enquiry .(all Deviations in the registrations will need to be answered in the future audits).

That is a problem for others who are coming for the registration in that area.

Also if i stick on my point ,i may get problem from the local peoples of that area regarding the same .(cos i will increase the guideline value).

All these points are all told by him in offline.

These are the problems i am facing .

But still i want to be a good indian Citizen .

I want to pay the income tax whichever it is 20 % or 30 % .

Now my question arises .

1) I want to be clean .How to make a clean Transaction?

2) if i get two cheque's for 25 lakhs and 75 lakhs and paying Capital gain tax (20 %) for 25 lakhs and normal income tax 30 % for that 75 lakhs ..is that ok??

3) Do Govt will ask question abt that 75 lakhs ??

4) or it will create any problem for me or to the buyer??

I dont want put buyer in problem too..

I wanna to be clean always.Please suggest me a way to sell my property.

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Sailesh Kumar Shah (Expert) 07 December 2014
already replied at :-
http://www.lawyersclubindia.com/experts/Sale-value-exceeds-4-times-of-the-guideline-value-511551.asp