Property registraion

YAGNESH HASMUKH DAVE (Querist) 10 December 2013 This query is : Resolved
I HAVE BOOKED RESIDENTIAL FLAT IN 2012 FOR RS 15LAC WHILE UNDER COSNTRUCTION & NO AGREEMENT IS REGISTERED NOW THE MARKET VALUE OF THE FLAT IS RS 35LAC AS PER STAMPDUTY REGISTRATION SO THE AGREEMENT IF TO BE REGISTIRED NOW IN DEC 2013 THAN WHICH CONSIDERATION TO BE ADOPTED AND WHAT ARE TAX IMPLICATION IF REGISTERED FOR 15LAC ONLY PL EXPALIN BRIEFLY

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BAALASUBRAMANNYAMM (Expert) 10 December 2013
In your case, only present Government value is applicable and hence you need to pay the registration charges as per prevailing rates.

Rajendra K Goyal (Expert) 10 December 2013
No TDS u/s 194-IA amendment would be applicable as the deal is less than 50 lacs.

You are not going to sell the property hence no tax liability.

DILIP KUMAR AAGARWAL (Expert) 11 December 2013
AT PRESENT THERE IS TAX ON PURCHASER IF THEIR DIFFERENCE BETWEEN CONSIDRATION VALUE AND VALUE ADOPTED BY THE RAGISTRAR. SEC.56(2) OF IT ACT AS INCOME FROM OTHER SOURCE AND IF YOU CAN PROVE THAT THE VALUE AS PER REGISTRATION DEPARTMRNT IN THE YEAR 2012 IS RS.15 LAKH THEN 56(2) WILL NOT BE APPLICABLE.