Query related to property sale

Bhaskar (Querist) 17 July 2014 This query is : Resolved
Dear Sir,
My friend wants to sell his property in Bangalore. The property’s (30 *40 feet) market value is Rs 60,00,000/-. The same area’s guidance value is Rs.2500/- sq.feet. He has got one buyer and ready to buy at market price but he is insisting to register only at guidance value which is Rs. 30,00,000 (1200 sq * 2500). Buyer says he will pay Rs.30,00,000/- by cheque/dd and balance amount by cash. My friend has shortlisted another property of Rs. 75,00,000/- lakh and proceed of this sale is going to be invest there. Regarding this transaction we have following question
1) Can someone register property which is below market value (guidance value) ? Will it cause any issue for my friend either from income tax or from registration department?

Thanks in advance,
Regards,
Bhaskar

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ADV-JEEVAN PATIL, MUMBAI (Expert) 17 July 2014
Even if property. Is under valued it will be assessed as per maker value. U shud prepare to pay market value

Rajendra K Goyal (Expert) 18 July 2014
Repeated query:

http://www.lawyersclubindia.com/experts/Query-related-to-property-sale-484806.asp

malipeddi jaggarao (Expert) 18 July 2014
No reply to repetition.

ajay sethi (Expert) 18 July 2014
repeated query

T. Kalaiselvan, Advocate (Expert) 18 July 2014
No reply to repeated query is the stand taken by experts, I stand by them.

M/s. Y-not legal services (Expert) 23 July 2014
We can support to an immoral act. Just be genuine to govt.

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